TAX EXEMPTION SUNSETS

Amends the Illinois Income Tax Act. Provides that the rate reduction for certain foreign insurers applies to taxable years ending on or before June 30, 2005 (now, no sunset). Provides that the Economic Development for a Growing Economy Tax Credit is available only for tax years ending on or before June 30, 2005 (now, no sunset). Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides for a sunset of June 30, 2005 for exemptions for: certain personal property purchased through fundraising events for the benefit of a public or private elementary or secondary school; certain machines and parts for machines used in commercial, coin-operated amusement and vending business; certain medical-related computers and communications equipment sold to a lessor who leases the equipment to a hospital that has been issued an active tax exemption identification number; personal property sold to a lessor who leases the property to a governmental body that has been issued an active tax exemption identification number; and tangible personal property purchased from an Illinois retailer and destined for use or consumption outside Illinois (now, no sunset, except for tangible personal property destined for use or consumption outside Illinois which has a statutory sunset date). Amends the Liquor Control Act of 1934. Deletes provisions authorizing electronic filing of the tax and associated report by a manufacturer or distributor of alcoholic liquor. Effective immediately, except that the changes to the Liquor Control Act of 1934 take effect on July 1, 2004.