IL SB3352

Expands the definition of "selling price" for leased property from motor vehicles only to all leased tangible personal property (excluding computer software and rental purchase agreement items), effective January 1, 2021

For leased property, "selling price" includes all lease payments, amounts due at signing, and additional charges not calculated at lease execution such as excess mileage and wear-and-tear fees

Creates a state tax exemption for non-titled personal property leases to the extent that a personal property lease transaction tax has been paid to a home rule municipality

Lessors become responsible for reporting and paying tax on lease amounts not calculated at lease execution, rather than the original retailer who sold the property to the lessor

Amends both the Use Tax Act and Retailers' Occupation Tax Act; takes effect immediately upon becoming law