093_SB1883sam001

 










                                     LRB093 08674 SJM 13071 a

 1                    AMENDMENT TO SENATE BILL 1883

 2        AMENDMENT NO.     .  Amend Senate Bill 1883, on  page  1,
 3    line  5,  after  "31-25"  by inserting "and by adding Section
 4    31-46"; and

 5    on page 2, line 3, by  deleting  "located  in  the  State  of
 6    Illinois"; and

 7    on  page  2, lines 5 and 6, by deleting "located in the State
 8    of Illinois"; and

 9    on page 2, line 27, after "transactions",  by  inserting  "or
10    involves one or more persons or entities"; and

11    on  page  5,  immediately  below  line  23,  by inserting the
12    following:

13        "(35 ILCS 200/31-46 new)
14        Sec.  31-46.  Exemption  from  tax  equal  to   corporate
15    franchise taxes paid. If a transfer of a controlling interest
16    in  a  real estate entity is taxed under this Article and the
17    real estate entity liable for the tax under this  Article  is
18    also  liable for corporate franchise taxes under the Business
19    Corporation Act of 1983 as a result of the transfer, then the
20    real estate entity is exempt  from  paying  the  tax  imposed
21    under  this  Article to the extent of the corporate franchise
 
                            -2-      LRB093 08674 SJM 13071 a
 1    tax paid by the  real  estate  entity  as  a  result  of  the
 2    transfer.  The  exemption  shall  not  reduce the real estate
 3    entity's tax  liability  under  this  Article  to  less  than
 4    zero.".