HB4344 Summary

• Exempts transfers of property between a natural individual and a revocable trust where the individual is the grantor from use tax, retailers' occupation tax, and watercraft/aircraft use taxes.

• Exempts transfers of property from a natural individual to a business entity (including partnerships, corporations, and LLCs) where the individual has ownership or control from the same taxes.

• Applies exemptions only when the transferor retains a beneficial interest in the property and the transfer occurs without valuable consideration.

• Amends the Use Tax Act, Retailers' Occupation Tax Act, Aircraft Use Tax Law, and Watercraft Use Tax Law to include these exemptions.