SB3127 Summary

• Reinstates tax exemption for tangible personal property purchased by taxpayers engaged in centralized purchasing activities in Illinois who temporarily store property in Illinois before transporting it outside the state for use or consumption solely outside Illinois.

• Extends the exemption period from June 30, 2016 to June 30, 2029 across four tax acts: Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.

• Removes the requirement that property must be "purchased from an Illinois retailer" to qualify for the exemption, broadening eligibility.

• Requires Director of Revenue to issue permits to eligible taxpayers in good standing, allowing them to purchase property tax-exempt from retailers.

• Effective immediately upon passage.