IL SB1676

Reinstates the exemption for tangible personal property purchased from Illinois retailers by taxpayers engaged in centralized purchasing activities who temporarily store property in Illinois for transport or processing outside the state.

Extends the sunset date for this exemption from June 30, 2016 to June 30, 2022, with the exemption beginning again on the first day of the first month after this bill's effective date.

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

Requires eligible taxpayers to obtain a permit from the Director of Revenue and maintain records substantiating that property is used and consumed outside Illinois.

Takes effect immediately upon becoming law.