| ||||
| Public Act 103-0963 | ||||
| ||||
AN ACT concerning revenue. | ||||
Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly: | ||||
Section 5. The Property Tax Code is amended by changing | ||||
Sections 31-5 and 31-15 as follows: | ||||
(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 | ||||
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 | ||
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.) | ||
(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 | ||
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 | ||
the recorder or registrar of titles fully remits the return | ||
and tax amount due. | ||
(Source: P.A. 98-929, eff. 8-15-14.) | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||