Bill > SB2027

This bill amends several Illinois tax-related acts to modify rules around vehicle taxation and exemptions. The key provisions include creating a rebuttable presumption that a motor vehicle sales tax exemption does not apply if the purchaser is a limited liability company (LLC) and a member of that LLC is an Illinois resident. Specifically for limousines, the bill stipulates that starting July 1, 2025, the rolling stock exemption will only apply to limousines not subject to the Transportation Network Providers Act. The bill also adds an exemption to the motor vehicle privilege tax for vehicles purchased specifically for resale by a retailer registered under the Retailers' Occupation Tax Act. These changes aim to close potential tax loopholes and clarify existing exemption rules, particularly for vehicle sales and use taxes. The modifications impact multiple tax-related statutes including the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, Retailers' Occupation Tax Act, and the Illinois Vehicle Code, with the goal of creating more precise and equitable taxation of vehicle transactions.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2027&GAID=18&DocTypeID=SB&SessionID=114&GA=104