HB2720 Summary

• Amends the Use Tax Act and Retailers' Occupation Tax Act to provide a 50% tax reduction on the first purchase of a manufactured home for use as a dwelling when the purchaser certifies it will be affixed to a permanent foundation in Illinois.

• Adds definition of "manufactured home" as a factory-assembled, single-family dwelling complying with federal standards (42 U.S.C. 70) that is transportable, installed per manufacturer instructions, connected to residential utilities, and contains at least 320 square feet.

• Requires sellers to retain the purchaser's certification for 7 years after the sale for compliance purposes.

• Effective January 1, 2024 and applies to both Use Tax Act (50% of selling price) and Retailers' Occupation Tax Act (50% of gross receipts).