2021-2022 Regular Session • Illinois Legislature
HB2824: USE/OCC-TRADE-IN VALUE
Legislative Summary
Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that the term "selling price" does not include the value of or credit given for traded-in tangible personal property (currently, beginning on January 1, 2020, with respect to motor vehicles, "selling price" does include the trade-in value). Effective immediately.
Demographic Impact
Overall analysis of equity impact
Neutral
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Bill History
2/18/2021
Filed with the Clerk by Rep. Keith P. Sommer
House of Representatives
2/19/2021
First Reading
House of Representatives
2/19/2021
Referred to Rules Committee
House of Representatives
3/9/2021
Assigned to Revenue & Finance Committee
House of Representatives
3/18/2021
To Sales, Amusement, & Other Taxes Subcommittee
House of Representatives
3/27/2021
Rule 19(a) / Re-referred to Rules Committee
House of Representatives
Status Information
Current Status
Introduced(2/18/2021)
Chamber
House of Representatives
Committee
Rules(House of Representatives)
Sponsors
Republican: 1
Primary Sponsor
Keith Sommer
Republican