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Public Act 103-0963
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| SB3275 Enrolled | LRB103 34185 HLH 64008 b |
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Property Tax Code is amended by changing |
Sections 31-5 and 31-15 as follows:
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(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 (until December 31, 2025), |
electronic, or alternative indicia that indicates the amount |
of tax paid. |
"Value" means the amount of the full actual consideration |
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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 |
(3) the indirect interest in real property as |
reflected by a controlling interest in a real estate |
entity. |
"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 |
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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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(35 ILCS 200/31-15) |
Sec. 31-15. Collection of tax. |
(a) Paper revenue stamps. The tax shall be collected by |
the recorder or registrar of titles of the county in which the |
property is situated through the sale of revenue stamps, the |
design, denominations and form of which shall be prescribed by |
the Department. The revenue stamps shall be sold by the |
Department to the recorder or registrar of titles who shall |
cause them to be sold for the purposes prescribed. The |
Department shall charge at a rate of 50¢ per $500 of value in |
units of not less than $500. The recorder or registrar of |
titles of the several counties shall sell the revenue stamps |
at a rate of 50¢ per $500 of value or fraction of $500. The |
recorder or registrar of titles may use the proceeds for the |
purchase of revenue stamps from the Department. The Department |
must establish a system to allow the recorder or registrar of |
titles to purchase the revenue stamps electronically and must |
deliver the electronically purchased stamps to the recorder or |
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registrar of titles. Paper revenue stamps shall be phased out |
by December 31, 2025. Thereafter, all counties shall issue |
electronic revenue stamps or alternative indicia. |
(b) Electronic revenue stamp or alternative indicia. If |
the recorder or registrar of titles uses an electronic revenue |
stamp or alternative indicia, the recorder or registrar of |
titles shall electronically file a return using an electronic |
system required by the Department and electronically remit the |
tax to the Department via a debit payment or ACH credit on or |
before the 10th day of the month following the month in which |
the tax was required to be collected. The return shall |
disclose the tax collected and other information that the |
Department may reasonably require. The return shall be filed |
using an electronic a format prescribed by the Department |
through the MyDec system or another electronic system used by |
the Department. |
(c) The recordation of all transactions involving the sale |
of property shall require the activity to be transmitted to |
the Department through the use of the Department's electronic |
system, whether paper revenue stamps, electronic revenue |
stamps, or alternative indicia is employed. |
If a return is not filed or the tax is not fully paid as |
required under this Section within 15 days of the required |
time period, the Department may eliminate the recorder or |
registrar of titles' ability to electronically file its |
returns and electronically remit the tax until such time as |