Full Text of HB5168 093rd General Assembly
HB5168 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB5168
Introduced 02/05/04, by Ricca Slone SYNOPSIS AS INTRODUCED: |
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35 ILCS 200/31-10 |
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35 ILCS 200/31-35 |
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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 |
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A BILL FOR
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HB5168 |
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LRB093 19302 SJM 45038 b |
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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 | 5 |
| Sections 31-10 and 31-35 as follows: | 6 |
| (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 | 9 |
| privilege of
transferring title to real estate, as represented | 10 |
| by the deed that is filed for
recordation, and on the privilege | 11 |
| of transferring a beneficial interest in real
property that is | 12 |
| 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 | 14 |
| each $500 of
value or fraction of $500 stated in the | 15 |
| declaration required by Section 31-25.
If, however, the deed or | 16 |
| trust document states that the real estate is
transferred | 17 |
| 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 | 19 |
| the basis of
computing the tax.
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| (Source: P.A. 86-624; 86-925; 86-1028; 86-1475; 87-543; | 21 |
| 88-455.)
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| (Text of Section after amendment by P.A. 93-657 ) | 23 |
| Sec. 31-10. Imposition of tax. | 24 |
| (a) A tax is imposed on the privilege of
transferring title | 25 |
| to real estate located in Illinois, on the privilege of | 26 |
| transferring a beneficial interest in
real
property located in | 27 |
| Illinois,
and on the privilege of transferring a controlling | 28 |
| interest in a real estate
entity owning property located in | 29 |
| 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
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HB5168 |
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LRB093 19302 SJM 45038 b |
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| controlling interest
is
transferred subject to a mortgage, the | 2 |
| amount of the mortgage remaining
outstanding at the time of | 3 |
| transfer shall not be included in the basis of
computing the | 4 |
| tax.
The tax is due if the transfer is made
by one or more | 5 |
| related transactions or involves one or more persons or | 6 |
| entities
and whether or
not a document is recorded.
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| (b) Beginning on the effective date of this amendatory Act | 8 |
| of the 93rd General Assembly, in addition to the tax imposed | 9 |
| under subsection (a), if the value stated in the declaration | 10 |
| required by Section 31-25 is more than $250,000, then an | 11 |
| additional tax is imposed on the privilege of
transferring | 12 |
| title to real estate located in Illinois, on the privilege of | 13 |
| transferring a beneficial interest in
real
property located in | 14 |
| Illinois,
and on the privilege of transferring a controlling | 15 |
| interest in a real estate
entity owning property located in | 16 |
| Illinois,
at the rate of 50˘ for each $500 of
the entire value | 17 |
| or fraction of $500 stated in the declaration required by | 18 |
| 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 | 23 |
| of the 92nd
General
Assembly and through June 30, 2003,
of the | 24 |
| moneys
collected under Section 31-15, 50% shall be deposited
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| into the Illinois Affordable Housing Trust Fund, 20% into the | 26 |
| Open
Space Lands Acquisition and Development Fund, 5% into the
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| Natural Areas Acquisition Fund, and 25% into the General | 28 |
| Revenue Fund.
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| (b) Beginning July 1, 2003, of the moneys collected under | 30 |
| subsection(a) of Section 31-15,
50% shall be deposited into the | 31 |
| Illinois Affordable Housing Trust Fund, 35%
into the Open Space | 32 |
| 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 | 35 |
| under subsection (b) of Section 31-15, 70% shall be deposited |
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HB5168 |
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LRB093 19302 SJM 45038 b |
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| into the Open Space Lands Acquisition and Development Fund and | 2 |
| 30% into the Natural Areas Acquisition Fund. | 3 |
| (Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, | 4 |
| eff. 7-1-03.)
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