SB2241 Engrossed

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 
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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.)