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(35 ILCS 157/10-15)
Sec. 10-15.
Tax imposed.
A tax is hereby imposed on the privilege of
using,
in this State, any aircraft as defined in Section 3 of the Illinois Aeronautics
Act acquired
by gift, transfer, or purchase after June 30, 2003. This tax does not apply (i)
if the use of
the aircraft is otherwise taxed under the Use Tax Act; (ii) if the aircraft is
bought and
used by a governmental agency or a society, association, foundation, or
institution
organized and operated exclusively for charitable, religious, or educational
purposes; (iii)
if the use of the aircraft is not subject to the Use Tax Act by reason of
subsection (a), (b),
(c), (d), or (e) of Section 3-55 of that Act dealing with the prevention of
actual or likely
multistate taxation; or (iv) if the transfer is a gift to a beneficiary in the
administration of
an estate and the beneficiary is a surviving spouse. The rate of tax shall be
6.25% of the
selling price for each purchase of aircraft that qualifies under this Law. For
purposes of
calculating the tax due under this Law when an aircraft is acquired by gift or
transfer, the
tax shall be imposed on the fair market value of the aircraft on the date the
aircraft is
acquired or the date the aircraft is brought into the State, whichever is
later.
Tax shall be
imposed on the selling price of an aircraft acquired through purchase. However,
the
selling price shall not be less than the fair market value of the aircraft on
the date the
aircraft is purchased or the date the aircraft is brought into the State,
whichever is later.
(Source: P.A. 93-24, eff. 6-20-03.)
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