Bill Title: Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, with respect to tangible personal property that is sold for the purpose of leasing the property in Illinois for a defined period, the term "selling price" means the consideration received by the lessor pursuant to the lease contract, including amounts due at lease signing and all monthly or other regular payments charged over the term of the lease. Provides that, for those items of tangible personal property, "selling price" also includes amounts received from the lessee that are not calculated at the time the lease is executed.

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2015-10-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0743 Detail]

Text: Latest bill text (Introduced) [HTML]

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