HB4037

Illinois HB4037 amends tax laws to include leases in the definition of sales and exempts leases of sporting goods for less than 10 days from taxation.

Illinois HB4037 amends the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act. It includes leases in the definition of sales and imposes taxes on leases of tangible personal property. The bill exempts leases of sporting goods for less than 10 days from taxation. It also defines "sporting goods" as tangible personal property used for recreational health, fitness, or sporting activities. The bill applies to leases made on or after January 1, 2026.