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35 ILCS 200/31-5 (35 ILCS 200/31-5)
Sec. 31-5. Definitions. "Affixed" means physically or electronically indicated.
"Recordation" includes the issuance of
certificates of title by Registrars of Title under the Registered Titles
(Torrens) Act pursuant to the filing of deeds or trust documents for that
purpose, as well as the recording of deeds or trust documents by recorders.
"Department" means the Department of Revenue.
"Person" means any 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.
"Revenue stamp" means physical, electronic, or alternative indicia that indicates the amount of tax paid. "Value" means the amount of the full actual consideration for the real
property or the beneficial interest in real property located in Illinois, including the
amount of any lien on the real property assumed by the transferee.
"Trust document" means a document required to be recorded under the Land
Trust Recordation and Transfer Tax Act and, beginning June 1, 2005, also means any document relating to the transfer of a taxable beneficial interest under this Article.
"Beneficial interest" includes, but is not limited to:
(1) the beneficial interest in an Illinois land trust;
(2) the lessee interest in a ground lease (including | | any interest of the lessee in the related improvements) that provides for a term of 30 or more years when all options to renew or extend are included, whether or not any portion of the term has expired; or
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(3) the indirect interest in real property as
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"Controlling interest" means more than 50% of the
fair
market value of all ownership interests or beneficial interests in a real
estate entity.
"Real estate entity" means any person
including, but not
limited to, any partnership, corporation, limited liability company, trust,
other entity, or
multi-tiered
entity, that exists or acts substantially for the purpose of holding directly
or indirectly title to or
beneficial interest in real property.
There is a rebuttable presumption
that
an entity is a real estate entity if it owns, directly or indirectly, real
property
having a fair market value greater than 75% of the total fair market
value of all of the
entity's assets, determined without deduction for any mortgage, lien, or
encumbrance.
(Source: P.A. 98-929, eff. 8-15-14.)
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