93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB5168


 
Introduced 02/05/04, by Ricca Slone
 
SYNOPSIS AS INTRODUCED:
 		
















35 ILCS 200/31-10




35 ILCS 200/31-35









    Amends the Real Estate Transfer Tax Law in the Property Tax Code. Provides that, if the value stated in the transfer declaration is more then $250,000, then an additional tax is imposed on the privilege of
transferring title to real estate located in Illinois, on the privilege of transferring a beneficial interest in
real
property located in Illinois,
and on the privilege of transferring a controlling interest in a real estate
entity owning property located in Illinois,
at the rate of 50¢ for each $500 of
the entire value or fraction of $500 stated in the transfer declaration (current tax is 50¢ for each $500 of value or fraction of $500).  Provides that,  of the moneys collected from the additional tax, 70% shall be deposited into the Open Space Lands Acquisition and Development Fund and 30% into the Natural Areas Acquisition Fund (of the current tax, 35% is deposited into the Open Space Lands Acquisition and Development Fund and 15% into the Natural Areas Acquisition Fund).
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5168

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    AN ACT concerning taxes.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Property Tax Code is amended  by changing 
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Sections 31-10 and 31-35 as follows:
 
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    (35 ILCS 200/31-10)


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    (Text of Section before amendment by P.A. 93-657)

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    Sec. 31-10. Imposition of tax. A tax is imposed on the 
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privilege of
transferring title to real estate, as represented 
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by the deed that is filed for
recordation, and on the privilege 
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of transferring a beneficial interest in real
property that is 
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the subject of a land trust as represented by the trust

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document that is filed for recordation, at the rate of 50¢ for 
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each $500 of
value or fraction of $500 stated in the 
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declaration required by Section 31-25.
If, however, the deed or 
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trust document states that the real estate is
transferred 
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subject to a mortgage the amount of the mortgage remaining

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outstanding at the time of transfer shall not be included in 
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the basis of
computing the tax.

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(Source: P.A. 86-624; 86-925; 86-1028; 86-1475; 87-543; 
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88-455.)

 
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    (Text of Section after amendment by P.A. 93-657)
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    Sec. 31-10. Imposition of tax. 
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    (a) A tax is imposed on the privilege of
transferring title 
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to real estate located in Illinois, on the privilege of 
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transferring a beneficial interest in
real
property located in 
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Illinois,
and on the privilege of transferring a controlling 
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interest in a real estate
entity owning property located in 
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Illinois,
at the rate of 50¢ for each $500 of
value or fraction 
30
of $500 stated in the declaration required by Section 31-25.

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If, however, the real estate, beneficial interest, or

 


 






HB5168
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controlling interest
is
transferred subject to a mortgage, the 
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amount of the mortgage remaining
outstanding at the time of 
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transfer shall not be included in the basis of
computing the 
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tax.
The tax is due if the transfer is made
by one or more 
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related transactions or involves one or more persons or 
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entities
and whether or
not a document is recorded.

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    (b) Beginning on the effective date of this amendatory Act 
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of the 93rd General Assembly, in addition to the  tax imposed 
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under subsection (a), if the value stated in the declaration 
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required by Section 31-25 is more than $250,000, then an 
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additional tax is imposed on the privilege of
transferring 
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title to real estate located in Illinois, on the privilege of 
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transferring a beneficial interest in
real
property located in 
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Illinois,
and on the privilege of transferring a controlling 
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interest in a real estate
entity owning property located in 
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Illinois,
at the rate of 50¢ for each $500 of
the entire value 
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or fraction of $500 stated in the declaration required by 
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Section 31-25.


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(Source: P.A. 93-657, eff. 6-1-04.)

 



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    (35 ILCS 200/31-35)



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    Sec. 31-35. Deposit of tax revenue. 

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    (a) Beginning on the effective date of this amendatory Act 
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of the 92nd
General
Assembly and through June 30, 2003,
of the 
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moneys
collected under Section 31-15, 50% shall be deposited

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into the Illinois Affordable Housing Trust Fund, 20% into the 
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Open
Space Lands Acquisition and Development Fund, 5% into the

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Natural Areas Acquisition Fund, and 25% into the General 
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Revenue Fund.

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    (b) Beginning July 1, 2003, of the moneys collected under 
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subsection(a) of Section 31-15,
50% shall be deposited into the 
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Illinois Affordable Housing Trust Fund, 35%
into the Open Space 
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Lands Acquisition and Development Fund, and 15% into the

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Natural Areas Acquisition Fund.

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    (c) Of the moneys collected from the additional tax imposed 
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under subsection (b) of Section 31-15, 70% shall be deposited 
 


 






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into the Open Space Lands Acquisition and Development Fund and 
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30% into the Natural Areas Acquisition Fund.
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(Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, 
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eff. 7-1-03.)