IL HB1322

Exempts businesses in manufacturing and related industries (SIC codes 10-14, 21-39) from the Gas Use Tax, which currently imposes 2.4 cents per therm or 5% of purchase price on out-of-state gas

Excludes receipts from the same manufacturing-related businesses from the definition of "gross receipts" under the Gas Revenue Tax Act, effectively exempting them from that tax

Creates a new exemption from the Electricity Excise Tax for electricity used in the process of manufacturing or assembling tangible personal property for wholesale or retail sale or lease

Covered industries under the 1987 Standard Industrial Classification Manual include metal mining, coal mining, oil and gas extraction, food products, textiles, lumber, paper, chemicals, petroleum refining, rubber, leather, stone/clay/glass, primary metals, fabricated metals, machinery, electronics, transportation equipment, and instruments

Takes effect immediately upon becoming law