SB1340 exempts certain manufacturing businesses from gas use tax in Illinois.
SB1340 amends the Gas Use Tax Law to exempt businesses involved in manufacturing or assembling tangible personal property for wholesale or retail sale or lease from the gas use tax. This tax exemption applies immediately upon the bill's enactment. The bill also modifies the definition of "gross receipts" to exclude consideration from certain business enterprises, further clarifying the scope of the tax exemption.
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