Illinois Compiled Statutes 410 ILCS 705/65-5 – Definitions
Current as of: 2024 | Check for updates
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In this Article:
“Adjusted delta-9-tetrahydrocannabinol level” means, for a delta-9-tetrahydrocannabinol dominant product, the sum of the percentage of delta-9-tetrahydrocannabinol plus .877 multiplied by the percentage of tetrahydrocannabinolic acid.
“Cannabis” has the meaning given to that term in Article 1 of this Act, except that it does not include cannabis that is subject to tax under the Compassionate Use of Medical Cannabis Program Act.
“Cannabis-infused product” means beverage food, oils, ointments, tincture, topical formulation, or another product containing cannabis that is not intended to be smoked.
“Cannabis retailer” means a dispensing organization that sells cannabis for use and not for resale.
“Craft grower” has the meaning given to that term in Article 1 of this Act.
“Department” means the Department of Revenue.
“Director” means the Director of Revenue.
“Dispensing organization” or “dispensary” has the meaning given to that term in Article 1 of this Act.
“Person” means a natural individual, firm, partnership, association, joint stock company, joint adventure, public or private corporation, limited liability company, or a receiver, executor, trustee, guardian, or other representative appointed by order of any court.
“Infuser organization” or “infuser” means a facility operated by an organization or business that is licensed by the Department of Agriculture to directly incorporate cannabis or cannabis concentrate into a product formulation to produce a cannabis-infused product.
“Purchase price” means the consideration paid for a purchase of cannabis, valued in money, whether received in money or otherwise, including cash, gift cards, credits, and property and shall be determined without any deduction on account of the cost of materials used, labor or service costs, or any other expense whatsoever. However, “purchase price” does not include consideration paid for:
(1) any charge for a payment that is not honored by a
“Adjusted delta-9-tetrahydrocannabinol level” means, for a delta-9-tetrahydrocannabinol dominant product, the sum of the percentage of delta-9-tetrahydrocannabinol plus .877 multiplied by the percentage of tetrahydrocannabinolic acid.
Terms Used In Illinois Compiled Statutes 410 ILCS 705/65-5
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
“Cannabis” has the meaning given to that term in Article 1 of this Act, except that it does not include cannabis that is subject to tax under the Compassionate Use of Medical Cannabis Program Act.
“Cannabis-infused product” means beverage food, oils, ointments, tincture, topical formulation, or another product containing cannabis that is not intended to be smoked.
“Cannabis retailer” means a dispensing organization that sells cannabis for use and not for resale.
“Craft grower” has the meaning given to that term in Article 1 of this Act.
“Department” means the Department of Revenue.
“Director” means the Director of Revenue.
“Dispensing organization” or “dispensary” has the meaning given to that term in Article 1 of this Act.
“Person” means a natural individual, firm, partnership, association, joint stock company, joint adventure, public or private corporation, limited liability company, or a receiver, executor, trustee, guardian, or other representative appointed by order of any court.
“Infuser organization” or “infuser” means a facility operated by an organization or business that is licensed by the Department of Agriculture to directly incorporate cannabis or cannabis concentrate into a product formulation to produce a cannabis-infused product.
“Purchase price” means the consideration paid for a purchase of cannabis, valued in money, whether received in money or otherwise, including cash, gift cards, credits, and property and shall be determined without any deduction on account of the cost of materials used, labor or service costs, or any other expense whatsoever. However, “purchase price” does not include consideration paid for:
(1) any charge for a payment that is not honored by a
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financial institution;
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(2) any finance or credit charge, penalty or charge
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for delayed payment, or discount for prompt payment; and
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(3) any amounts added to a purchaser’s bill because
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of charges made under the tax imposed by this Article, the Municipal Cannabis Retailers’ Occupation Tax Law, the County Cannabis Retailers’ Occupation Tax Law, the Retailers’ Occupation Tax Act, the Use Tax Act, the Service Occupation Tax Act, the Service Use Tax Act, or any locally imposed occupation or use tax.
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“Purchaser” means a person who acquires cannabis for a valuable consideration.
“Taxpayer” means a cannabis retailer who is required to collect the tax imposed under this Article.
“Taxpayer” means a cannabis retailer who is required to collect the tax imposed under this Article.