House Sponsors: TURNER,ART-MOORE,ANDREA-GRANBERG-BLACK-BEAUBIEN AND BOLAND. Senate Sponsors: PETERSON Short description: AUTO LEASING OCC & USE TAX Synopsis of Bill as introduced: Creates the Automobile Leasing Occupation and Use Tax Act. Imposes a tax at the rate of 5% of the gross receipts of persons engaged in the business of leasing automobiles and a tax at the rate of 5% of the leasing price upon the privilege of using in this State an automobile that is leased from a lessor. Amends the State Finance Act, the Use Tax Act, and the Retailers' Occupation Tax Act. Imposes a use tax and a retailers' occupation tax at the rate of 1.25% on any motor vehicle that is sold to a lessor for the purpose of leasing under a lease subject to the Automobile Leasing Occupation and Use Tax Act. Imposes a tax at the rate of 5% on a motor vehicle that has been leased by a lessor to a lessee under a lease that is subject to the Automobile Leasing Occupation and Use Tax Act and is subsequently sold to the lessee of the vehicle. Provides for the distribution of proceeds of the tax. Effective July 1, 2000. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 105/6z-18 from Ch. 127, par. 142z-18 30 ILCS 105/6z-20 from Ch. 127, par. 142z-20 35 ILCS 105/1a from Ch. 120, par. 439.1a 35 ILCS 105/3-10 from Ch. 120, par. 439.3-10 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 120/1c from Ch. 120, par. 440c 35 ILCS 120/2-10 from Ch. 120, par. 441-10 35 ILCS 120/3 from Ch. 120, par. 442 Deletes everything. Creates the State Occupation and Use Tax Act with the short title as the only provision. FISCAL NOTE, H-AM 2 (Dept. of Revenue) Loss of tax revenues will range from $135 million in the first four years with a continuing loss of $12.5 million each year thereafter to $282 million over the first four years with a continuing loss of $44 million each year thereafter. SENATE AMENDMENT NO. 1. Adds reference to: 30 ILCS 105/6z-18 from Ch. 127, par. 142z-18 30 ILCS 105/6z-20 from Ch. 127, par. 142z-20 35 ILCS 105/1a from Ch. 120, par. 439.1a 35 ILCS 105/3-10 from Ch. 120, par. 439.3-10 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 120/1c from Ch. 120, par. 440c 35 ILCS 120/2-10 from Ch. 120, par. 441-10 35 ILCS 120/3 from Ch. 120, par. 442 Deletes everything. Restores contents of bill as introduced. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status