IL SB3426

Beginning January 1, 2024, farm machinery and equipment exemptions include electrical power generation equipment used primarily for production agriculture under the Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act.

Expands aircraft maintenance exemptions from January 1, 2024 through December 31, 2029 to include persons engaging in modification, replacement, repair, and maintenance of aircraft engines or power plants without requiring Federal Aviation Administration Class IV Rating qualifications.

Clarifies Motor Fuel Tax calculations for annual inflation adjustments beginning July 1, 2023, by defining specific methodology for calculating Consumer Price Index percentage increases using 12-month averages ending in March of applicable years, rounded to nearest one-tenth of one cent.

Adds definition of "Consumer Price Index" to Motor Fuel Tax Law as the index published by the Bureau of Labor Statistics measuring average price changes for goods and services purchased by all urban consumers (1982-84 = 100).

Makes technical corrections to data center property exemption language and breast pump terminology to change "in to" to "into" and "rental purchase" to "rental-purchase" for grammatical consistency across tax codes.