Illinois House Bill 3126 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, for any motor vehicle that is sold on or after January 1, 2014 for the purpose of leasing the vehicle for a period of longer than one year, "selling price" or "amount of sale" shall be based on the consideration paid by the lessee pursuant to the lease contract, but does not include the value of or credit given for traded-in tangible personal property owned by the lessee where the trade-in value of the property is assigned by the lessee to the lessor and where the property that is traded-in is of like kind and character to the vehicle that is being sold. Provides that the selling price of a motor vehicle that is sold on or after January 1, 2014 for the purpose of leasing the vehicle for a period of longer than one year shall not be reduced by the value of or credit given for traded-in tangible personal property owned by the lessor. Provides that the sale occurs at the time of the delivery of the vehicle, regardless of the due date of any of the lease payments. Effective January 1, 2014.

ROTA-LEASED VEHICLES

Rep. Frank Mautino [D]

Date	Chamber	Action
2014-12-03	House	Session Sine Die
2013-03-22	House	Rule 19(a) / Re-referred to Rules Committee
2013-03-11	House	Assigned to Revenue & Finance Committee
2013-02-26	House	Referred to Rules Committee
2013-02-26	House	First Reading
2013-02-26	House	Filed with the Clerk by Rep. Frank J. Mautino

Chapter	Article	Section	Citation Type	Statute Text
35	105	2	Amended Code	Citation Text
35	120	1	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3126&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB3126.htm