HB1480 Summary

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

• Defines "refurbishment" under the new exemption to include replacement of component parts as well as 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) through parallel amendments.

• Takes effect immediately upon becoming law.