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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2546 Introduced 2/15/2023, by Rep. Kevin John Olickal SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. In provisions concerning a real estate transfer tax, provides that, if the grantee is a private equity firm with more than $10,000,000 in assets on the date of the transfer, then an additional tax of $0.035 per $100 of value is imposed on the privilege of transferring a beneficial interest in
real
property located in Illinois. Effective immediately.
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| | A BILL FOR |
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| | HB2546 | | LRB103 29898 HLH 56309 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 31-10 as follows:
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| 6 | | (35 ILCS 200/31-10)
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| 7 | | Sec. 31-10. Imposition of tax. A tax is imposed on the |
| 8 | | privilege of
transferring title to real estate located in |
| 9 | | Illinois, on the privilege of transferring a beneficial |
| 10 | | interest in
real
property located in Illinois,
and on the |
| 11 | | privilege of transferring a controlling interest in a real |
| 12 | | estate
entity owning property located in Illinois,
at the rate |
| 13 | | of 50¢ for each $500 of
value or fraction of $500 stated in the |
| 14 | | declaration required by Section 31-25.
If, however, the |
| 15 | | transferring document states that the real estate, beneficial |
| 16 | | interest, or
controlling interest
is
transferred subject to a |
| 17 | | mortgage, the amount of the mortgage remaining
outstanding at |
| 18 | | the time of transfer shall not be included in the basis of
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| 19 | | computing the tax.
The tax is due if the transfer is made
by |
| 20 | | one or more related transactions or involves one or more |
| 21 | | persons or entities
and whether or
not a document is recorded.
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| 22 | | Notwithstanding any other provision of law, if the grantee is |
| 23 | | a private equity firm with more than $10,000,000 in assets on |