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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4360
Introduced 1/3/2006, by Rep. Patrick J Verschoore SYNOPSIS AS INTRODUCED:
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Amends the Real Estate Transfer Tax Law in the Property Tax Code. Requires the Department of Revenue to establish a system to allow a recorder or registrar
of titles of a county to purchase the revenue stamps electronically from the Department and to deliver the electronically purchased stamps to the recorder or registrar
of titles.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4360 |
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LRB094 15986 BDD 51219 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 |
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| 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 |
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| by the recorder
or registrar of titles of the county in which |
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| the property is situated through the sale of revenue
stamps, |
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| the design, denominations and form of which shall be prescribed |
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| by the
Department. If requested by the recorder or registrar of |
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| titles of a county
that has imposed a county real estate |
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| transfer tax under Section 5-1031 of the
Counties Code, the |
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| Department shall design the stamps furnished to that county
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| under this Section so that the same stamp also provides |
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| evidence of the payment
of the county real estate transfer tax |
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| and shall include in the design of the
stamp the name of the |
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| county and an indication that the stamp is evidence of
the |
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| payment of both State and county real estate transfer taxes. |
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| The revenue
stamps shall be sold by the Department to the |
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| recorder or registrar
of titles who shall cause them to be sold |
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| for the purposes prescribed.
The Department shall charge at a |
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| rate of 50¢ per $500 of value in
units of not less than $500. |
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| The recorder or registrar of titles of the several
counties |
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| 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 |
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| may use the
proceeds for the purchase of revenue stamps from |
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| the Department. The Department must establish a system to allow |
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| the recorder or registrar
of titles to purchase the revenue |
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| stamps electronically and must deliver the electronically |
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| 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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