CHICAGO – A Harper-led bill to exempt unclaimed property sold by the Treasurer from sales tax was recently signed into law.
“When the state Treasurer cannot reunite unclaimed tangible property with the legal owner after five years, the Treasurer can auction off the property,” Harper said. “Exempting these goods from sales tax makes them more accessible to the consumer and saves them money.”
Historically, tangible unclaimed property sold at auctions on behalf of the state Treasurer has been exempt from sales tax, but the Leveling the Playing Field for Illinois Retail Act inadvertently removed this exemption. Senate Bill 3832 provides that all tangible personal property sold by or on behalf of the state Treasurer would be permanently exempt from sales tax.
“Exempting unclaimed property from sales tax puts money back into the pockets of consumers,” said Harper. “I thank my colleagues on both sides of the aisle for coming together to pass this commonsense measure.”
Senate Bill 3832 is effective immediately.
Visit Rep Harper’s website
274-S Stratton Office Building
Springfield, IL 62706
4926 South Ashland
Chicago, IL 60609
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