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Public Act 094-0785
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| SB2241 Enrolled |
LRB094 18251 BDD 53562 b |
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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 |
Section 31-15 as follows:
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(35 ILCS 200/31-15)
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Sec. 31-15. Collection of tax. 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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(Source: P.A. 91-555, eff. 1-1-00.)
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