Full Text of SB3275 103rd General Assembly
SB3275enr 103RD GENERAL ASSEMBLY | | | SB3275 Enrolled | | LRB103 34185 HLH 64008 b |
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| 1 | | AN ACT concerning revenue. | 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly: | 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Sections 31-5 and 31-15 as follows: | 6 | | (35 ILCS 200/31-5) | 7 | | Sec. 31-5. Definitions. | 8 | | "Affixed" means physically or electronically indicated. | 9 | | "Recordation" includes the issuance of certificates of | 10 | | title by Registrars of Title under the Registered Titles | 11 | | (Torrens) Act pursuant to the filing of deeds or trust | 12 | | documents for that purpose, as well as the recording of deeds | 13 | | or trust documents by recorders. | 14 | | "Department" means the Department of Revenue. | 15 | | "Person" means any natural individual, firm, partnership, | 16 | | association, joint stock company, joint adventure, public or | 17 | | private corporation, limited liability company, or a receiver, | 18 | | executor, trustee, guardian or other representative appointed | 19 | | by order of any court. | 20 | | "Revenue stamp" means physical (until December 31, 2025) , | 21 | | electronic, or alternative indicia that indicates the amount | 22 | | of tax paid. | 23 | | "Value" means the amount of the full actual consideration |
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| 1 | | for the real property or the beneficial interest in real | 2 | | property located in Illinois, including the amount of any lien | 3 | | on the real property assumed by the transferee. | 4 | | "Trust document" means a document required to be recorded | 5 | | under the Land Trust Recordation and Transfer Tax Act and, | 6 | | beginning June 1, 2005, also means any document relating to | 7 | | the transfer of a taxable beneficial interest under this | 8 | | Article. | 9 | | "Beneficial interest" includes, but is not limited to: | 10 | | (1) the beneficial interest in an Illinois land trust; | 11 | | (2) the lessee interest in a ground lease (including | 12 | | any interest of the lessee in the related improvements) | 13 | | that provides for a term of 30 or more years when all | 14 | | options to renew or extend are included, whether or not | 15 | | any portion of the term has expired; or | 16 | | (3) the indirect interest in real property as | 17 | | reflected by a controlling interest in a real estate | 18 | | entity. | 19 | | "Controlling interest" means more than 50% of the fair | 20 | | market value of all ownership interests or beneficial | 21 | | interests in a real estate entity. | 22 | | "Real estate entity" means any person including, but not | 23 | | limited to, any partnership, corporation, limited liability | 24 | | company, trust, other entity, or multi-tiered entity, that | 25 | | exists or acts substantially for the purpose of holding | 26 | | directly or indirectly title to or beneficial interest in real |
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| 1 | | property. There is a rebuttable presumption that an entity is | 2 | | a real estate entity if it owns, directly or indirectly, real | 3 | | property having a fair market value greater than 75% of the | 4 | | total fair market value of all of the entity's assets, | 5 | | determined without deduction for any mortgage, lien, or | 6 | | encumbrance. | 7 | | (Source: P.A. 98-929, eff. 8-15-14.) | 8 | | (35 ILCS 200/31-15) | 9 | | Sec. 31-15. Collection of tax. | 10 | | (a) Paper revenue stamps. The tax shall be collected by | 11 | | the recorder or registrar of titles of the county in which the | 12 | | property is situated through the sale of revenue stamps, the | 13 | | design, denominations and form of which shall be prescribed by | 14 | | the Department. The revenue stamps shall be sold by the | 15 | | Department to the recorder or registrar of titles who shall | 16 | | cause them to be sold for the purposes prescribed. The | 17 | | Department shall charge at a rate of 50˘ per $500 of value in | 18 | | units of not less than $500. The recorder or registrar of | 19 | | titles of the several counties shall sell the revenue stamps | 20 | | at a rate of 50˘ per $500 of value or fraction of $500. The | 21 | | recorder or registrar of titles may use the proceeds for the | 22 | | purchase of revenue stamps from the Department. The Department | 23 | | must establish a system to allow the recorder or registrar of | 24 | | titles to purchase the revenue stamps electronically and must | 25 | | deliver the electronically purchased stamps to the recorder or |
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| 1 | | registrar of titles. Paper revenue stamps shall be phased out | 2 | | by December 31, 2025. Thereafter, all counties shall issue | 3 | | electronic revenue stamps or alternative indicia. | 4 | | (b) Electronic revenue stamp or alternative indicia. If | 5 | | the recorder or registrar of titles uses an electronic revenue | 6 | | stamp or alternative indicia, the recorder or registrar of | 7 | | titles shall electronically file a return using an electronic | 8 | | system required by the Department and electronically remit the | 9 | | tax to the Department via a debit payment or ACH credit on or | 10 | | before the 10th day of the month following the month in which | 11 | | the tax was required to be collected. The return shall | 12 | | disclose the tax collected and other information that the | 13 | | Department may reasonably require. The return shall be filed | 14 | | using an electronic a format prescribed by the Department | 15 | | through the MyDec system or another electronic system used by | 16 | | the Department . | 17 | | (c) The recordation of all transactions involving the sale | 18 | | of property shall require the activity to be transmitted to | 19 | | the Department through the use of the Department's electronic | 20 | | system, whether paper revenue stamps, electronic revenue | 21 | | stamps, or alternative indicia is employed. | 22 | | If a return is not filed or the tax is not fully paid as | 23 | | required under this Section within 15 days of the required | 24 | | time period, the Department may eliminate the recorder or | 25 | | registrar of titles' ability to electronically file its | 26 | | returns and electronically remit the tax until such time as |
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| 1 | | the recorder or registrar of titles fully remits the return | 2 | | and tax amount due. | 3 | | (Source: P.A. 98-929, eff. 8-15-14.) | 4 | | Section 99. Effective date. This Act takes effect upon | 5 | | becoming law. |
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