Bill Title: Amends the Use Tax Act, the Retailers' Occupation Tax Act, the Aircraft Use Tax Law, and the Watercraft Use Tax Law. Provides that the taxes under those Acts do not apply to transfers that occur between a natural individual and (i) a revocable trust where the transferor is the grantor of the trust or (ii) a business entity if the transferor has ownership or control of the business entity. Provides that the transferor must retain a beneficial interest in the property, and the property must be transferred without valuable consideration.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB4344 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2022-01-04	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB4344

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB4344 currently on file.