The bill amends the Use Tax Act of 1937 by updating definitions and provisions related to the taxation of tangible personal property and services. Key insertions include a broader definition of "person" to encompass various entities, including counties, and the inclusion of "portable electronic device" as a specific category for tax credit considerations. Additionally, the bill clarifies the meaning of "purchase" and "purchase price," expanding the scope of what is included in taxable transactions. Notably, it introduces a new provision allowing for tax credits related to the agreed-upon value of portable electronic devices used as part payment for new or used devices.

Furthermore, the bill addresses delivery and installation charges, mandating the cancellation of outstanding balances related to these charges for assessments issued before April 26, 2023. It prohibits the issuance of new assessments for these charges for any tax period prior to that date. The enactment of this bill is contingent upon the passage of related legislation, ensuring that the changes take effect only if specific Senate or House bills are enacted.

Statutes affected:
House Introduced Bill: 205.92