HB 270

Abstract

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning on January 1, 2004 and through December 31, 2008, a retailer or serviceman is allowed to take the 1.75% or $5 discount, as appropriate, for the first $1,000,000 in taxes collected in the aggregate in a calendar year under each of the 4 Acts to reimburse himself or herself for expenses incurred in collecting the tax, keeping records, preparing and filing returns, remitting the tax, and supplying data to the Department of Revenue on request. No discount may be taken during that period for taxes collected above $1,000,000 in the aggregate in a calendar year under the 4 Acts. Effective immediately.