IL SB2024

Reinstates a tax exemption for oil field exploration, drilling, and production equipment including rigs, pipe, pumps, storage tanks, replacement parts, and leased machinery, effective July 1, 2017 through June 30, 2022.

Applies the exemption across four tax acts: Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.

Covers specific oil field equipment categories: rotary rigs, cable tool rigs, workover rigs, tubular goods with casing and drill strings, pump-jack units, and flow lines.

Exemption excludes motor vehicles required to be registered under the Illinois Vehicle Code.

Takes effect immediately upon becoming law.