HB3572 Summary

• Extends the sunset date for a tax exemption on tangible personal property purchased by taxpayers engaged in centralized purchasing activities in Illinois from June 30, 2016 to June 30, 2022.

• The exemption applies to property temporarily stored in Illinois that will be transported outside the state for use/consumption or processed/fabricated into other property for out-of-state use.

• Amends four tax acts: Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act to apply the extended sunset date uniformly.

• Requires eligible taxpayers to obtain permits from the Director of Revenue and maintain records substantiating out-of-state use and consumption of the property.

• Effective immediately upon becoming law.