HB1938 Summary

• Amends the Use Tax Act to add a new multistate exemption (subsection e-5) for the return of out-of-state lessor or purchaser property to Illinois for storage, repair, or refurbishment, provided the property is not used by a lessee or purchaser in the state.

• Defines "refurbishment" in the new exemption to include replacement of component parts as well as upgrades.

• Makes the same amendment to the Service Use Tax Act by adding subsection (d-5) with identical language regarding property returns for storage, repair, or refurbishment.

• Takes effect immediately upon becoming law.