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| Public Act 098-0929 | ||||
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AN ACT concerning revenue.
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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 | ||||
Sections 31-5 and 31-15 as follows: | ||||
(35 ILCS 200/31-5)
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Sec. 31-5. Definitions. | ||||
"Affixed" means physically or electronically indicated.
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"Recordation" includes the issuance of
certificates of | ||||
title by Registrars of Title under the Registered Titles
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(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.
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"Department" means the Department of Revenue.
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"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.
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"Revenue Stamp" means physical, 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.
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"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.
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"Beneficial interest" includes, but is not limited to:
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(1) the beneficial interest in an Illinois land trust;
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(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
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(3) the indirect interest in real property as reflected | ||
by a controlling
interest in a real estate entity.
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"Controlling interest" means more than 50% of the
fair
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market value of all ownership interests or beneficial interests | ||
in a real
estate entity.
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"Real estate entity" means any person
including, but not
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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
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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
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encumbrance.
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(Source: P.A. 92-651, eff. 7-11-02; 93-657, eff. 6-1-04; | ||
93-1099, eff. 6-1-05.)
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(35 ILCS 200/31-15)
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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. If requested by the recorder or registrar of | ||
titles of a county
that has imposed a county real estate | ||
transfer tax under Section 5-1031 of the
Counties Code, the | ||
Department shall design the stamps furnished to that county
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under this Section so that the same stamp also provides | ||
evidence of the payment
of the county real estate transfer tax | ||
and shall include in the design of the
stamp the name of the | ||
county and an indication that the stamp is evidence of
the | ||
payment of both State and county real estate transfer taxes. | ||
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
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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.
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(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 and electronically | ||
remit the tax to the Department 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 a format prescribed by the | ||
Department. | ||
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. 94-785, eff. 1-1-07.)
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Section 10. The Uniform Penalty and Interest Act is amended | ||
by changing Section 3-1A as follows:
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(35 ILCS 735/3-1A) (from Ch. 120, par. 2603-1A)
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Sec. 3-1A.
In this Article, references to this "Act" mean | ||
this "Article" and
references to "Department" mean the | ||
Department of Revenue. Unless otherwise
specified in a tax Act, | ||
this Act applies to all taxes administered by the
Department of | ||
Revenue, except for the Racing Privilege Tax Act, the | ||
provisions of the Property
Tax Code except as expressly | ||
provided in Section 31-15 of the Property Tax Code, the Real | ||
Estate Transfer Tax Act, and the
Coin Operated Amusement Device | ||
Tax.
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(Source: P.A. 87-205; 88-670, eff. 12-2-94.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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