96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6145


 
Introduced 2/11/2010, by Rep. Richard P. Myers
 
SYNOPSIS AS INTRODUCED:
 		





 


 




35 ILCS 200/31-10










     Amends the Property Tax Code. Provides that a Section imposing a real estate transfer tax does not apply to the transfer of an easement to a public utility, an affiliate of a public utility, or a telecommunications carrier.
  















LRB096 18609 HLH 33991 b

















FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






HB6145

LRB096 18609 HLH 33991 b





  
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    AN ACT concerning revenue.
  
 
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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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Section 31-10 as follows:
 
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    (35 ILCS 200/31-10)

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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 located in 
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Illinois, on the privilege of transferring a beneficial 
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interest in
real
property located in Illinois,
and on the 
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privilege of transferring a controlling interest in a real 
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estate
entity owning property located in Illinois,
at the rate 
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of 50¢ for each $500 of
value or fraction of $500 stated in the 
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declaration required by Section 31-25.
The tax imposed by this 
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Section shall not apply to the transfer of an easement to (i) a 
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public utility or an affiliate of a public utility, as that 
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term is defined in Section 3-105 of the Public Utilities Act, 
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or (ii) a telecommunications carrier, as that term is defined 
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in Section 13-202 of the Public Utilities Act. If, however, the 
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transferring document states that the real estate, beneficial 
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interest, or
controlling interest
is
transferred subject to a 
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mortgage, the amount of the mortgage remaining
outstanding at 
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the time of transfer shall not be included in the basis of

 


 






HB6145
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computing the tax.
The tax is due if the transfer is made
by 
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one or more related transactions or involves one or more 
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persons or entities
and whether or
not a document is recorded.


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(Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05.)