HB 1547

Abstract

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Creates a tax exemption under the Acts for fuel and petroleum products sold to or used by an air common carrier, certified by the carrier to be used for consumption, shipment, or storage in the conduct of its business as an air common carrier, if, during the current State fiscal year, the carrier has paid an aggregate amount of at least $15,000,000 under the taxes imposed on the purchase or use of fuel and petroleum products under the Acts. Effective immediately.