IL SB2180

Expands "leased property" definition effective January 1, 2022 to include all tangible personal property (except computer software and rental purchase property) sold for leasing purposes, not just motor vehicles, with "selling price" including all lease payments and charges not calculated at lease signing.

Requires lessors to report and pay tax directly to the Department on lease payments not calculated at lease execution, with liability shifting from retailers to lessors for these amounts.

Adds exemption from Use Tax Act for non-titled tangible personal property subject to a personal property lease transaction tax paid to a home rule municipality, effective January 1, 2022.

Modifies resale/lease certification requirements in Retailers' Occupation Tax Act to allow tax-free sales for both resale and lease transactions when purchaser has active registration or resale number and certifies the sale qualifies for exemption.

Bill takes effect immediately upon becoming law.