Full Text of HB5613 098th General Assembly
HB5613enr 98TH GENERAL ASSEMBLY |
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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, electronic, or alternative | 21 | | indicia that indicates the amount of tax paid. | 22 | | "Value" means the amount of the full actual consideration | 23 | | for the real
property or the beneficial interest in real |
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| 1 | | property located in Illinois, including the
amount of any lien | 2 | | on the real property assumed by the transferee.
| 3 | | "Trust document" means a document required to be recorded | 4 | | under the Land
Trust Recordation and Transfer Tax Act and, | 5 | | beginning June 1, 2005, also means any document relating to the | 6 | | transfer of a taxable beneficial interest under this Article.
| 7 | | "Beneficial interest" includes, but is not limited to:
| 8 | | (1) the beneficial interest in an Illinois land trust;
| 9 | | (2) the lessee interest in a ground lease (including | 10 | | any interest of the
lessee in the related improvements) | 11 | | that provides for a term of 30 or more
years
when all | 12 | | options to renew or extend are included, whether or not any | 13 | | portion of
the term has expired; or
| 14 | | (3) the indirect interest in real property as reflected | 15 | | by a controlling
interest in a real estate entity.
| 16 | | "Controlling interest" means more than 50% of the
fair
| 17 | | market value of all ownership interests or beneficial interests | 18 | | in a real
estate entity.
| 19 | | "Real estate entity" means any person
including, but not
| 20 | | limited to, any partnership, corporation, limited liability | 21 | | company, trust,
other entity, or
multi-tiered
entity, that | 22 | | exists or acts substantially for the purpose of holding | 23 | | directly
or indirectly title to or
beneficial interest in real | 24 | | property.
There is a rebuttable presumption
that
an entity is a | 25 | | real estate entity if it owns, directly or indirectly, real
| 26 | | property
having a fair market value greater than 75% of the |
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| 1 | | total fair market
value of all of the
entity's assets, | 2 | | determined without deduction for any mortgage, lien, or
| 3 | | encumbrance.
| 4 | | (Source: P.A. 92-651, eff. 7-11-02; 93-657, eff. 6-1-04; | 5 | | 93-1099, eff. 6-1-05 .)
| 6 | | (35 ILCS 200/31-15)
| 7 | | Sec. 31-15. Collection of tax. | 8 | | (a) Paper revenue stamps. The tax shall be collected by the | 9 | | recorder
or registrar of titles of the county in which the | 10 | | property is situated through the sale of revenue
stamps, the | 11 | | design, denominations and form of which shall be prescribed by | 12 | | the
Department. If requested by the recorder or registrar of | 13 | | titles of a county
that has imposed a county real estate | 14 | | transfer tax under Section 5-1031 of the
Counties Code, the | 15 | | Department shall design the stamps furnished to that county
| 16 | | under this Section so that the same stamp also provides | 17 | | evidence of the payment
of the county real estate transfer tax | 18 | | and shall include in the design of the
stamp the name of the | 19 | | county and an indication that the stamp is evidence of
the | 20 | | payment of both State and county real estate transfer taxes. | 21 | | The revenue
stamps shall be sold by the Department to the | 22 | | recorder or registrar
of titles who shall cause them to be sold | 23 | | for the purposes prescribed.
The Department shall charge at a | 24 | | rate of 50˘ per $500 of value in
units of not less than $500. | 25 | | The recorder or registrar of titles of the several
counties |
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| 1 | | shall sell the revenue stamps at a rate of 50˘ per $500 of
| 2 | | value or fraction of $500. The recorder or registrar of titles | 3 | | may use the
proceeds for the purchase of revenue stamps from | 4 | | the Department. The Department must establish a system to allow | 5 | | the recorder or registrar
of titles to purchase the revenue | 6 | | stamps electronically and must deliver the electronically | 7 | | purchased stamps to the recorder or registrar
of titles.
| 8 | | (b) Electronic revenue stamp or alternative indicia. If the | 9 | | recorder or registrar of titles uses an electronic revenue | 10 | | stamp or alternative indicia, the recorder or registrar of | 11 | | titles shall electronically file a return and electronically | 12 | | remit the tax to the Department on or before the 10th day of | 13 | | the month following the month in which the tax was required to | 14 | | be collected. The return shall disclose the tax collected and | 15 | | other information that the Department may reasonably require. | 16 | | The return shall be filed using a format prescribed by the | 17 | | Department. | 18 | | If a return is not filed or the tax is not fully paid as | 19 | | required under this Section within 15 days of the required time | 20 | | period, the Department may eliminate the recorder or registrar | 21 | | of titles' ability to electronically file its returns and | 22 | | electronically remit the tax until such time as the recorder or | 23 | | registrar of titles fully remits the return and tax amount due. | 24 | | (Source: P.A. 94-785, eff. 1-1-07.)
| 25 | | Section 10. The Uniform Penalty and Interest Act is amended |
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| 1 | | by changing Section 3-1A as follows:
| 2 | | (35 ILCS 735/3-1A) (from Ch. 120, par. 2603-1A)
| 3 | | Sec. 3-1A.
In this Article, references to this "Act" mean | 4 | | this "Article" and
references to "Department" mean the | 5 | | Department of Revenue. Unless otherwise
specified in a tax Act, | 6 | | this Act applies to all taxes administered by the
Department of | 7 | | Revenue, except for the Racing Privilege Tax Act, the | 8 | | provisions of the Property
Tax Code except as expressly | 9 | | provided in Section 31-15 of the Property Tax Code , the Real | 10 | | Estate Transfer Tax Act, and the
Coin Operated Amusement Device | 11 | | Tax.
| 12 | | (Source: P.A. 87-205; 88-670, eff. 12-2-94.)
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.
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