Illinois General Assembly - Bill Status for SB 1883

Amends the Real Estate Transfer Tax Law in the Property Tax Code. Provides that the tax is also imposed on the privilege of transferring a controlling interest in a real estate entity. Imposes the tax whether or not a document is recorded. Amends the Illinois Municipal Code and the Counties Code with respect to home rule real estate transfer taxes. Provides that those taxes may be imposed or increased by referendum to the same extent as the State tax. Amends the Stock, Commodity, or Options Transactions Tax Exemption Act. Provides that nothing in the Act shall be construed to prohibit or otherwise invalidate any real estate transfer tax or fee authorized or permitted by law. Effective immediately.

Changes the definition of "real estate entity" to remove a provision limiting the definition to real property located in Illinois. Adds that the State-imposed real estate transfer tax is due if the transfer involves one or more persons or entities. Allows an exemption from the State-imposed real estate transfer tax to the extent of the corporate franchise tax imposed under the Business Corporation Act of 1983 and paid by the real estate entity as a result of the transfer.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced along with the provisions of Senate Amendment No. 1, with changes as follows. In the Real Estate Transfer Tax Law in the Property Tax Code, removes language defining "controlling interest" to include the right of one or of several persons to receive, at the time of distribution, 50% or more of the income or profits of a real estate entity. In provisions imposing a real estate transfer tax in the Property Tax Code, the Counties Code, and the Illinois Municipal Code, provides that the tax is imposed on the privilege of transferring a beneficial interest in real property (now, imposed on the privilege of transferring a beneficial interest in real property that is the subject of a land trust). Defines "beneficial interest". Further amends the Stock, Commodity, or Options Transaction Tax Exemption Act to provide that the new language providing that nothing in the Act shall be construed to prohibit or invalidate a real estate transfer tax or fee otherwise authorized is intended as a clarification and not as a change to existing law. Further amends the Counties Code and the Illinois Municipal Code to provide that any real estate transfer taxes that were imposed by a county or municipality at any time prior to the effective date of this amendatory Act are specifically authorized, permitted, and validated. Makes other changes. Effective immediately.

Deletes everything after the enacting clause. Amends the Real Estate Transfer Tax Law in the Property Tax Code. Makes a technical change in the definitions Section.

Deletes everything after the enacting clause. Reinserts the provisions of the bill as engrossed, making changes as follows: Changes the Real Estate Transfer Tax Law in the Property Tax Code. Defines "controlling interest" to mean more than 50% (now, 50% or more) of the fair market value of all ownership interests or beneficial interests in a real estate entity. Provides that the tax is imposed on the transfer of real estate and beneficial interests in real estate located in Illinois and on the transfer of a controlling interest in a real estate entity owning property located in Illinois. Provides that the transfer declaration shall state the value of the real property or beneficial interest in real property located in Illinois that is transferred (now, the full consideration for the property or interest in real property that is transferred). Makes changes in the Counties Code and the Illinois Municipal Code with respect to the real estate transfer tax imposed by counties and municipalities. Authorizes amendments to the tax if the amendment does not increase the rate of the tax or add transactions on which the tax is imposed (engrossed bill, only if the amendment does not increase the rate of the tax). Replaces language validating any real estate transfer tax imposed by a county or municipality before the effective date of this amendatory Act with language stating that any transfer taxes adopted prior to January 17, 1997 (the effective date of the Public Act creating these provisions) and any amendments adopted in accordance with law after that date are not preempted by this amendatory Act. Effective October 1, 2003.

Date	Chamber	Action
1/22/2004	Senate	Public Act . . . . . . . . . 93-0657

Date	Chamber	Action
2/20/2003	Senate	Filed with Secretary by Sen. Emil Jones, Jr.
2/20/2003	Senate	First Reading
2/20/2003	Senate	Referred to Rules
2/27/2003	Senate	Assigned to Revenue
3/6/2003	Senate	Postponed - Revenue
3/11/2003	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Patrick Welch; -E. Jones
3/11/2003	Senate	Senate Committee Amendment No. 1 Referred to Rules
3/11/2003	Senate	Chief Co-Sponsor Changed to Sen. Patrick Welch
3/12/2003	Senate	Senate Committee Amendment No. 1 Rules Refers to Revenue
3/12/2003	Senate	Senate Committee Amendment No. 1 Adopted
3/13/2003	Senate	Do Pass as Amended Revenue; 008-002-000
3/13/2003	Senate	Placed on Calendar Order of 2nd Reading March 18, 2003
3/18/2003	Senate	Housing Affordability Impact Note Requested by Sen. Chris Lauzen
3/18/2003	Senate	Fiscal Note Requested by Sen. Chris Lauzen
3/24/2003	Senate	Added as Co-Sponsor Sen. Mattie Hunter
3/25/2003	Senate	Fiscal Note Filed as Amended with Committee Amendment No. 1
4/1/2003	Senate	Fiscal Note Filed as Amended with Committee Amendment No. 1 from the Illinois State Board of Education
4/1/2003	Senate	State Mandates Fiscal Note Filed as Amended with Committee Amendment No. 1 from the Illinois State Board of Education
4/1/2003	Senate	Senate Floor Amendment No. 2 Filed with Secretary by Sen. Emil Jones, Jr.
4/1/2003	Senate	Senate Floor Amendment No. 2 Referred to Rules
4/2/2003	Senate	Senate Floor Amendment No. 2 Rules Refers to Revenue
4/2/2003	Senate	Senate Floor Amendment No. 2 Be Adopted Revenue; 006-001-000
4/2/2003	Senate	Second Reading
4/2/2003	Senate	Senate Floor Amendment No. 2 Adopted; E. Jones
4/2/2003	Senate	Placed on Calendar Order of 3rd Reading April 3, 2003
4/3/2003	Senate	State Mandates Fiscal Note Filed as amended with Committee Amendment No. 1 from the Illinois Community College Board
4/4/2003	Senate	Third Reading Deadline Extended - Rule 2-10(e) to April 9, 2003.
4/8/2003	Senate	Added as Chief Co-Sponsor Sen. Jeffrey M. Schoenberg
4/8/2003	Senate	Third Reading - Passed; 044-010-000
4/8/2003	House	Arrived in House
4/8/2003	House	Placed on Calendar Order of First Reading
4/17/2003	House	Chief House Sponsor Rep. Barbara Flynn Currie
4/29/2003	House	First Reading
4/29/2003	House	Referred to Rules Committee
5/1/2003	House	Assigned to Revenue Committee
5/2/2003	House	Committee/3rd Reading Deadline Extended-Rule 9(b); May 31, 2003
5/6/2003	House	Added Alternate Co-Sponsor Rep. Lou Lang
5/7/2003	House	Housing Affordability Impact Note Filed
5/9/2003	House	House Amendment No. 1 Filed with Clerk by Revenue Committee
5/9/2003	House	House Amendment No. 1 Adopted in Revenue Committee; by Voice Vote
5/9/2003	House	Do Pass as Amended / Short Debate Revenue Committee; 007-000-000
5/9/2003	House	Placed on Calendar 2nd Reading - Short Debate
5/23/2003	House	Third Reading/Final Action Deadline Extended-9(b) May 31, 2003
5/27/2003	House	House Amendment No. 1 Motion Filed Rep. Barbara Flynn Currie; to Table House Amendment No. 1
5/27/2003	House	House Amendment No. 1 Motion Referred to Rules Committee
5/28/2003	House	House Amendment No. 1 Motion Referred to Revenue Committee
5/29/2003	House	House Amendment No. 1 Motion to Table Recommends be Adopted Revenue Committee; 009-000-000
5/29/2003	House	House Amendment No. 2 Filed with Clerk by Rep. Barbara Flynn Currie
5/29/2003	House	House Amendment No. 2 Referred to Rules Committee
5/29/2003	House	Second Reading - Short Debate
5/29/2003	House	Held on Calendar Order of Second Reading - Short Debate
5/30/2003	House	House Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
5/31/2003	House	House Amendment No. 1 Motion to Table Amendment - Prevailed 116-000-000
5/31/2003	House	House Amendment No. 2 Adopted by Voice Vote
5/31/2003	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/31/2003	House	Third Reading - Consideration Postponed
5/31/2003	House	Placed on Calendar - Consideration Postponed
6/1/2003	House	Rule 19(a) / Re-referred to Rules Committee
11/19/2003	House	Approved for Consideration Rules Committee; 003-002-000
11/19/2003	House	Placed on Calendar - Consideration Postponed
11/19/2003	House	House Amendment No. 3 Filed with Clerk by Rep. Barbara Flynn Currie
11/19/2003	House	House Amendment No. 3 Referred to Rules Committee
11/19/2003	House	Recalled to Second Reading - Short Debate
11/19/2003	House	Held on Calendar Order of Second Reading - Short Debate
11/19/2003	House	House Amendment No. 4 Filed with Clerk by Rep. Barbara Flynn Currie
11/19/2003	House	House Amendment No. 4 Referred to Rules Committee
11/20/2003	House	House Amendment No. 4 Recommends Be Adopted Rules Committee; 005-000-000
11/20/2003	House	Added Alternate Chief Co-Sponsor Rep. Sidney H. Mathias
11/20/2003	House	House Amendment No. 4 Adopted by Voice Vote
11/20/2003	House	Placed on Calendar Order of 3rd Reading - Short Debate
11/20/2003	House	Third Reading - Short Debate - Passed 064-049-000
11/20/2003	Senate	Secretary's Desk - Concurrence House Amendment(s) 02,04
11/20/2003	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 02,04 - November 21, 2003
11/20/2003	Senate	House Amendment No. 2 Motion to Concur Filed with Secretary Sen. Emil Jones, Jr.
11/20/2003	Senate	House Amendment No. 2 Motion to Concur Referred to Rules
11/20/2003	Senate	House Amendment No. 4 Motion to Concur Filed with Secretary Sen. Emil Jones, Jr.
11/20/2003	Senate	House Amendment No. 4 Motion to Concur Referred to Rules
11/20/2003	Senate	House Amendment No. 2 Motion to Concur Rules Referred to Revenue
11/20/2003	Senate	House Amendment No. 4 Motion to Concur Rules Referred to Revenue
11/20/2003	Senate	Added as Chief Co-Sponsor Sen. Terry Link
11/20/2003	Senate	House Amendment No. 2 Motion to Concur Be Adopted Revenue; 008-002-000
11/20/2003	Senate	House Amendment No. 4 Motion to Concur Be Adopted Revenue; 008-002-000
11/21/2003	Senate	House Amendment No. 2 Senate Concurs 034-018-000
11/21/2003	Senate	House Amendment No. 4 Senate Concurs 034-018-000
11/21/2003	Senate	Passed Both Houses
12/19/2003	Senate	Sent to the Governor
1/22/2004	Senate	Governor Approved
1/22/2004	Senate	Effective Date June 1, 2004
1/22/2004	Senate	Public Act . . . . . . . . . 93-0657

	Fiscal Note (S-AM 1) (Dept of Commerce and Community Affairs)
	SB 1883 (SA#1) does not incur a fiscal impact on DCCA. While the bill as amended contains certain provisions that are permissive in nature, the fiscal impact on units of local government cannot be estimated at this time.

	Fiscal Note (SC-AM 1) (Illinois State Board of Education)
	No fiscal impact on the State Board of Education. To the extent the bill increases or decreases local revenues, the bill will impact local school districts.

	State Mandates Fiscal Note (SC-AM 1) (Illinois State Board of Education)
	This legislation does not constitute a State Mandate on local school districts.

	State Mandates Fiscal Note (S-AM1) (Community College Board)
	SB 1883 may create a state mandate. The fiscal impact on the community college system is unknown. There is no fiscal impact on the Community College Board.

	Housing Affordability Impact Note (Housing Development Authority)
	No fiscal impact.

	Adds reference to:
	35 ILCS 200/31-46 new

	Deletes reference to:
	35 ILCS 200/31-10