Bill > SB1340

This bill amends three different tax laws to provide tax exemptions for certain manufacturing and industrial enterprises. Specifically, the bill expands existing tax exemptions in the Gas Use Tax Law, Gas Revenue Tax Act, and Electricity Excise Tax Law to exclude businesses that fall within specific Standard Industrial Classification (SIC) codes. The SIC codes cover a wide range of manufacturing and industrial sectors, including mining, construction, manufacturing, transportation, and other related industries. The bill adds a new provision to the Electricity Excise Tax Law that exempts electricity used in the process of manufacturing or assembling tangible personal property for wholesale or retail sale or lease. The changes are designed to provide tax relief for businesses engaged in manufacturing and related industrial activities, potentially reducing their operational costs and supporting economic development in these sectors. The bill takes effect immediately upon becoming law, allowing businesses to benefit from these tax exemptions right away.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1340&GAID=18&DocTypeID=SB&SessionID=114&GA=104