PROP TX-MINERAL RTS-REVERSION
Synopsis of Bill as introduced:
Amends the Property Tax Code. Provides that mineral rights
offered for sale at a scavenger tax sale and not sold or confirmed
after being offered for sale for 10 consecutive years shall revert to
the surface owner. Requires the county treasurer to deliver a notice
of the reversion to the party in whose name the taxes on the mineral
rights are last assessed. Provides that the Department shall
prescribe forms or provide suitable forms for the notification.
STATE MANDATES FISCAL NOTE
In the opinion of DCCA, HB 1121 creates a "local government or-
ganization and structure mandate" for which no reimbursement is
required under the State Mandates Act.
FISCAL NOTE (Dept. of Revenue)
HB 1121 has no fiscal impact on this Dept.
HOUSE AMENDMENT NO. 1.
Provides that the notice shall also be delivered to the county
recorder or county collector, whichever is applicable.
SENATE AMENDMENT NO. 1.
Adds reference to:
New Act from Ch. 127, par. 142z-18
30 ILCS 105/6z-18
30 ILCS 105/6z-20 from Ch. 127, par. 142z-20
35 ILCS 105/1a from Ch. 120, par. 439.1a
35 ILCS 105/3-10 from Ch. 120, par. 439.3-10
35 ILCS 105/9 from Ch. 120, par. 439.9
35 ILCS 120/1c from Ch. 120, par. 440c
35 ILCS 120/2-10 from Ch. 120, par. 441-10
35 ILCS 120/3 from Ch. 120, par. 442
Creates the Automobile Leasing Occupation and Use Tax Act.
Imposes a tax at the rate of 5% of the gross receipts of persons
engaged in the business of leasing automobiles and a tax at the rate
of 5% of the leasing price upon the privilege of using in this State
an automobile that is leased from a lessor. Amends the State Finance
Act, the Use Tax Act, and the Retailers' Occupation Tax Act. Imposes
a use tax and a retailers' occupation tax at the rate of 1.25% on any
motor vehicle that is sold to a lessor for the purpose of leasing
under a lease subject to the Automobile Leasing Occupation and Use Tax
Act. Imposes a tax at the rate of 5% on a motor vehicle that has been
leased by a lessor to a lessee under a lease that is subject to the
Automobile Leasing Occupation and Use Tax Act and is subsequently sold
to the lessee of the vehicle. Provides for the distribution of
proceeds of the tax. Effective July 1, 1998.
CONFERENCE COMMITTEE REPORT NO. 1.
Recommends that the House concur in S-am 1.
Recommends that the bill be further amended as follows:
In the Automobile Leasing Occupation and Use Tax Act, revises the
definition of "leasing price" with respect to "residual value". In the
Property Tax Code, provides that mineral rights which after 10 consec-
utive years of being offered for sale and not confirmed shall no long-
er be required to be offered for sale. Deletes amendatory provisions
concerning the reversion of mineral rights to the surface owner.
Last action on Bill: TOTAL VETO STANDS
Last action date: 97-10-30
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1
END OF INQUIRY
Full Text Bill Status