Bill Title: Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, for any leased property (currently, for motor vehicles only), "selling price" means the consideration received by the lessor pursuant to the lease contract and includes certain amounts received by the lessor that are not calculated at the time the lease is executed. Provides for an exemption to the extent of any personal property lease transaction tax paid to a home rule municipality. Effective immediately.

Sponsorship: Bipartisan Bill

Status: (Failed) 2021-01-13 - Session Sine Die [SB3352 Detail]

Text: Latest bill text (Introduced) [HTML]

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