IL SB1406

Extends the qualifying period for aircraft to be considered "rolling stock moving in interstate commerce" from 12 months to 24 months for aircraft purchased on or after January 1, 2025

Aircraft must carry persons or property for hire in interstate commerce for more than 50% of total trips or total miles during the 24-month period to qualify for the tax exemption

Amends four Illinois tax acts: the Use Tax Act, Service Use Tax Act, Service Occupation Tax Act, and Retailers' Occupation Tax Act

Watercraft purchased on or after January 1, 2014 and aircraft purchased between January 1, 2014 and before January 1, 2025 remain subject to the existing 12-month qualifying period

Takes effect immediately upon becoming law