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1 | AN ACT concerning taxes.
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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 | Sections 31-10 and 31-35 as follows: | ||||||||||||||||||||||||||
6 | (35 ILCS 200/31-10)
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7 | (Text of Section before amendment by P.A. 93-657 )
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8 | Sec. 31-10. Imposition of tax. A tax is imposed on the | ||||||||||||||||||||||||||
9 | privilege of
transferring title to real estate, as represented | ||||||||||||||||||||||||||
10 | by the deed that is filed for
recordation, and on the privilege | ||||||||||||||||||||||||||
11 | of transferring a beneficial interest in real
property that is | ||||||||||||||||||||||||||
12 | the subject of a land trust as represented by the trust
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13 | document that is filed for recordation, at the rate of 50¢ for | ||||||||||||||||||||||||||
14 | each $500 of
value or fraction of $500 stated in the | ||||||||||||||||||||||||||
15 | declaration required by Section 31-25.
If, however, the deed or | ||||||||||||||||||||||||||
16 | trust document states that the real estate is
transferred | ||||||||||||||||||||||||||
17 | subject to a mortgage the amount of the mortgage remaining
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18 | outstanding at the time of transfer shall not be included in | ||||||||||||||||||||||||||
19 | the basis of
computing the tax.
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20 | (Source: P.A. 86-624; 86-925; 86-1028; 86-1475; 87-543; | ||||||||||||||||||||||||||
21 | 88-455.)
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22 | (Text of Section after amendment by P.A. 93-657 ) | ||||||||||||||||||||||||||
23 | Sec. 31-10. Imposition of tax. | ||||||||||||||||||||||||||
24 | (a) A tax is imposed on the privilege of
transferring title | ||||||||||||||||||||||||||
25 | to real estate located in Illinois, on the privilege of | ||||||||||||||||||||||||||
26 | transferring a beneficial interest in
real
property located in | ||||||||||||||||||||||||||
27 | Illinois,
and on the privilege of transferring a controlling | ||||||||||||||||||||||||||
28 | interest in a real estate
entity owning property located in | ||||||||||||||||||||||||||
29 | Illinois,
at the rate of 50¢ for each $500 of
value or fraction | ||||||||||||||||||||||||||
30 | of $500 stated in the declaration required by Section 31-25.
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31 | If, however, the real estate, beneficial interest, or
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1 | controlling interest
is
transferred subject to a mortgage, the | ||||||
2 | amount of the mortgage remaining
outstanding at the time of | ||||||
3 | transfer shall not be included in the basis of
computing the | ||||||
4 | tax.
The tax is due if the transfer is made
by one or more | ||||||
5 | related transactions or involves one or more persons or | ||||||
6 | entities
and whether or
not a document is recorded.
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7 | (b) Beginning on the effective date of this amendatory Act | ||||||
8 | of the 93rd General Assembly, in addition to the tax imposed | ||||||
9 | under subsection (a), if the value stated in the declaration | ||||||
10 | required by Section 31-25 is more than $250,000, then an | ||||||
11 | additional tax is imposed on the privilege of
transferring | ||||||
12 | title to real estate located in Illinois, on the privilege of | ||||||
13 | transferring a beneficial interest in
real
property located in | ||||||
14 | Illinois,
and on the privilege of transferring a controlling | ||||||
15 | interest in a real estate
entity owning property located in | ||||||
16 | Illinois,
at the rate of 50¢ for each $500 of
the entire value | ||||||
17 | or fraction of $500 stated in the declaration required by | ||||||
18 | Section 31-25.
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19 | (Source: P.A. 93-657, eff. 6-1-04.)
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20 | (35 ILCS 200/31-35)
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21 | Sec. 31-35. Deposit of tax revenue.
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22 | (a) Beginning on the effective date of this amendatory Act | ||||||
23 | of the 92nd
General
Assembly and through June 30, 2003,
of the | ||||||
24 | moneys
collected under Section 31-15, 50% shall be deposited
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25 | into the Illinois Affordable Housing Trust Fund, 20% into the | ||||||
26 | Open
Space Lands Acquisition and Development Fund, 5% into the
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27 | Natural Areas Acquisition Fund, and 25% into the General | ||||||
28 | Revenue Fund.
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29 | (b) Beginning July 1, 2003, of the moneys collected under | ||||||
30 | subsection(a) of Section 31-15,
50% shall be deposited into the | ||||||
31 | Illinois Affordable Housing Trust Fund, 35%
into the Open Space | ||||||
32 | Lands Acquisition and Development Fund, and 15% into the
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33 | Natural Areas Acquisition Fund.
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34 | (c) Of the moneys collected from the additional tax imposed | ||||||
35 | under subsection (b) of Section 31-15, 70% shall be deposited |
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1 | into the Open Space Lands Acquisition and Development Fund and | ||||||
2 | 30% into the Natural Areas Acquisition Fund. | ||||||
3 | (Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, | ||||||
4 | eff. 7-1-03.)
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