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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2492
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Makes a technical change in a Section concerning the collection of tax.
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A BILL FOR
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HB2492 |
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LRB095 00905 BDD 20907 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
The tax shall be |
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| collected by the recorder
or registrar of titles of the county |
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| in which the property is situated through the sale of revenue
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| stamps, the design, denominations and form of which shall be |
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| prescribed by the
Department. If requested by the recorder or |
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| registrar of titles of a county
that has imposed a county real |
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| estate transfer tax under Section 5-1031 of the
Counties Code, |
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| the 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. |