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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2774 Introduced 1/18/2012, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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| | Amends the Property Tax Code. Makes a technical change in a Section concerning the collection of tax.
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| | A BILL FOR |
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| | SB2774 | | LRB097 16269 HLH 61422 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 31-15 as follows:
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| 6 | | (35 ILCS 200/31-15)
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| 7 | | Sec. 31-15. Collection of tax. The
The tax shall be |
| 8 | | collected by the recorder
or registrar of titles of the county |
| 9 | | in which the property is situated through the sale of revenue
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| 10 | | stamps, the design, denominations and form of which shall be |
| 11 | | prescribed by the
Department. If requested by the recorder or |
| 12 | | registrar of titles of a county
that has imposed a county real |
| 13 | | estate transfer tax under Section 5-1031 of the
Counties Code, |
| 14 | | the Department shall design the stamps furnished to that county
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| 15 | | under this Section so that the same stamp also provides |
| 16 | | evidence of the payment
of the county real estate transfer tax |
| 17 | | and shall include in the design of the
stamp the name of the |
| 18 | | county and an indication that the stamp is evidence of
the |
| 19 | | payment of both State and county real estate transfer taxes. |
| 20 | | The revenue
stamps shall be sold by the Department to the |
| 21 | | recorder or registrar
of titles who shall cause them to be sold |
| 22 | | for the purposes prescribed.
The Department shall charge at a |
| 23 | | rate of 50¢ per $500 of value in
units of not less than $500. |