IL SB3047

Adds Class III medical devices used for cancer treatment as a taxable product under Illinois tax laws, when purchased pursuant to a prescription from registered dispensing organizations.

Extends the definition of "prescription and nonprescription medicines and drugs" to include medical cannabis purchased from registered dispensing organizations under the Compassionate Use of Medical Cannabis Pilot Program Act, effective January 1, 2014.

Applies a 1% tax rate (rather than the standard 6.25%) to these medical devices and related accessories and components, consistent with other prescription medications.

Makes identical amendments across four Illinois tax acts: Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.

Effective upon becoming law.