Senate Sponsors: LAUZEN-PETERSON AND FITZGERALD. House Sponsors: MOORE,ANDREA-FANTIN-CURRY,JULIE Short description: OCC & USE TX-TECHNOLOGY EQUIP Synopsis of Bill as introduced: Amends the Use Tax Act, the Retailers' Occupation Tax Act, the Counties Code, and the Illinois Municipal Code. Exempts qualified technological equipment as defined in Section 168(c)(3)(B)(iv) of the Internal Revenue Code that was purchased by a lessor who has elected to pay retailers' occupation tax based on the lessor's gross receipts from the lease of the equipment in this State to a lessee for his or her use and not for the purpose of sublease. Provides that, for purposes of determining the local governmental unit whose tax is applicable, a retail sale by a lessor is a sale at retail at the place where leased tangible personal property is located. Effective immediately. SENATE AMENDMENT NO. 1. Changes a reference to the Internal Revenue Code. Exempts the deduction from the sunset provision of the Use Tax Act and the Retailers' Occupation Tax Act. Defines "lease". Provides that the amount of retailer's occupation tax imposed shall be reduced by an amount equal to the percentage limitation of the use tax exemption. States that subsequent sales or leases of property for which the election for the lessor to pay the tax was made shall not be exempt. Limits the use tax exemption to 50% of the tax that otherwise would have been due for property delivered in this State before July 1, 1998 and 75% of the tax that would otherwise have been due for property delivered to the lessor in this State during the period of July 1, 1998 through June 30, 1999. Last action on Bill: TOTAL VETO STANDS Last action date: 97-10-30 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status