SB3505 Summary

• Amends the Use Tax Act and Service Use Tax Act to add a new multistate exemption for return of property owned by out-of-state lessors or purchasers to Illinois for storage, repair, or refurbishment, provided the property is not used by a lessee or purchaser within the state.

• Defines "refurbishment" to include replacement of component parts and upgrades to the returned property.

• Applies the same exemption to both the Use Tax Act (Section 3-55) and the Service Use Tax Act (Section 3-45).

• Becomes effective immediately upon becoming law.