SB2027 amends Illinois tax laws to adjust tax rates and exemptions for motor vehicles, trailers, and other tangible personal property.
SB2027 modifies the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act in Illinois. It adjusts the tax rates for motor vehicles based on the model year and selling price. It also modifies the definition of "use as rolling stock moving in interstate commerce" for motor vehicles and trailers, specifying conditions for exemption. The bill introduces new exemptions for certain items, such as breast pumps and breast pump kits, and modifies existing exemptions for various types of property, including farm machinery, aircraft, and data center equipment.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.