USE/OCC TAX-EXEMPT TRANSFERS

Amends the Use Tax Act, the Retailers' Occupation Tax Act, the Aircraft Use Tax Law, and the Watercraft Use Tax Law. Provides that the taxes under those Acts do not apply to transfers that occur between a natural individual and (i) a revocable trust where the transferor is the grantor of the trust or (ii) a business entity if the transferor has ownership or control of the business entity. Provides that the transferor must retain a beneficial interest in the property, and the property must be transferred without valuable consideration.