Illinois HB5252 amends the Use Tax Act, Service Use Tax Act, and Retailers' Occupation Tax Act to redefine "selling price" and adjust tax liabilities.
HB5252 modifies the definition of "selling price" in the Use Tax Act, Service Use Tax Act, and Retailers' Occupation Tax Act to exclude assessments imposed under the Paint Stewardship Act. It also adjusts tax liabilities for lessors of motor vehicles, exempting them from certain taxes on amounts received from lessees that are not calculated at the time of lease execution. The bill further outlines specific exemptions and definitions related to sales, leases, and the transfer of tangible personal property, including machinery and equipment used in manufacturing processes.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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