95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2759


 
Introduced 2/15/2008, by Sen. Michael Noland
 
SYNOPSIS AS INTRODUCED:
 		








 




35 ILCS 200/31-10









    Amends the Real Estate Transfer Tax Law in the Property Tax Code. Makes changes to the amount of the tax imposed based upon the amount set forth in the transfer declaration. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY


HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2759

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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 31-10 as follows:
 
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    (35 ILCS 200/31-10)

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    Sec. 31-10. Imposition of tax. 
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    (a) A tax is imposed on the privilege of
transferring title 
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to real estate located in Illinois, on the privilege of 
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transferring a beneficial interest in
real
property located in 
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Illinois,
and on the privilege of transferring a controlling 
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interest in a real estate
entity owning property located in 
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Illinois,
at the rate of:

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        (1) $0.40
50¢ for each $500 of
value or fraction of 
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    $500 not in excess of $500,000 stated in the declaration 
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    required by Section 31-25; .
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        (2) $1.50 for each $500 of value or fraction of $500 in 
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    excess of $500,000 but not in excess of $1,000,000 stated 
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    in the declaration required by Section 31-25;
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        (3) $3.50 for each $500 of value or fraction of $500 in 
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    excess of $1,000,000 but not in excess of $3,000,000 stated 
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    in the declaration required by Section 31-25; and
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        (4) $5.00 for each $500 of value or fraction of $500 in 
 


 






SB2759
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    excess of $3,000,000 stated in the declaration required by 
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    Section 31-25.

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    (b) If, however, the transferring document states that the 
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real estate, beneficial interest, or
controlling interest
is

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transferred subject to a mortgage, the amount of the mortgage 
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remaining
outstanding at the time of transfer shall not be 
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included in the basis of
computing the tax.
The tax is due if 
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the transfer is made
by one or more related transactions or 
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involves one or more persons or entities
and whether or
not a 
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document is recorded.


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(Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05.)


 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.