Senate Sponsors: PETERSON-DILLARD. House Sponsors: MOORE,ANDREA-DAVIS,MONIQUE Short description: QUALIFIED TECHNO LEASE TAX ACT Synopsis of Bill as introduced: Creates the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Imposes a tax on persons engaged in the State in the business of leasing qualified technological equipment in Illinois at the rate of 6.25% of the gross receipts received from the business. Imposes a tax upon the privilege of using in this State qualified technological equipment that is leased from a lessor at the rate of 6.25% of the leasing price of the equipment paid to the lessor under a lease agreement. Provides that each month the Department shall pay into the Local Government Distributive Fund 20% of the net revenue realized for the preceding month under this Act. Provides that the remaining 80% shall be distributed under the Use Tax Act and the Retailers' Occupation Tax Act. Exempts manufacturer-lessors from the coverage of the Act and allows qualified lessees to opt out of the coverage of the Act and pay taxes pursuant to the Retailers' Occupation Tax Act or the Use Tax Act instead. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act to exempt from the taxes imposed under those Acts qualified technological equipment sold to lessors for lease under leases subject to the Qualified Technological Equipment Leasing Occupation and Use Tax Act. Provides that the exemption is available for so long as the equipment is leased. Provides that the exemptions are not subject to the sunset provisions. Provides that the exemptions for computer equipment used in hospitals and certain property leased to a governmental body are exempt from the sunset provisions. In the Use Tax Act and the Retailers' Occupation Tax Act, provides that a purchaser of qualified technological equipment may obtain a refund of use and occupation taxes paid administered by the Department of Revenue if the purchaser sells the property to a rentor under a bona fide sale and leaseback transaction to such purchaser within 90 days of the first functional use of the property. Makes other changes. Effective January 1, 2001. HOUSE AMENDMENT NO. 1. Deletes reference to: 30 ILCS 115/1 35 ILCS 105/3-5 35 ILCS 105/9 35 ILCS 105/9.5 new 35 ILCS 110/3-5 35 ILCS 115/3-5 35 ILCS 120/1c-5 new 35 ILCS 120/2-5 35 ILCS 120/3 35 ILCS 120/3.5 new Deletes everything. Reinserts the short title of the Act only. Last action on Bill: SESSION SINE DIE Last action date: 01-01-09 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0 END OF INQUIRY Full Text Bill Status