HB4438 Summary

• Exempts business enterprises in Standard Industrial Classifications 10, 12-14, 21-39 from the Gas Use Tax under the Gas Use Tax Law (35 ILCS 173/5-10).

• Excludes consideration received from the same specified business enterprises from "gross receipts" under the Gas Revenue Tax Act (35 ILCS 615/1).

• Exempts electricity used in manufacturing or assembling tangible personal property for wholesale or retail sale or lease from the Electricity Excise Tax under the Electricity Excise Tax Law (35 ILCS 640/2-4).

• Effective immediately upon enactment.