96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6145

 

Introduced 2/11/2010, by Rep. Richard P. Myers

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/31-10

    Amends the Property Tax Code. Provides that a Section imposing a real estate transfer tax does not apply to the transfer of an easement to a public utility, an affiliate of a public utility, or a telecommunications carrier.


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FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB6145 LRB096 18609 HLH 33991 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Property Tax Code is amended by changing
5 Section 31-10 as follows:
 
6     (35 ILCS 200/31-10)
7     Sec. 31-10. Imposition of tax. A tax is imposed on the
8 privilege of transferring title to real estate located in
9 Illinois, on the privilege of transferring a beneficial
10 interest in real property located in Illinois, and on the
11 privilege of transferring a controlling interest in a real
12 estate entity owning property located in Illinois, at the rate
13 of 50¢ for each $500 of value or fraction of $500 stated in the
14 declaration required by Section 31-25. The tax imposed by this
15 Section shall not apply to the transfer of an easement to (i) a
16 public utility or an affiliate of a public utility, as that
17 term is defined in Section 3-105 of the Public Utilities Act,
18 or (ii) a telecommunications carrier, as that term is defined
19 in Section 13-202 of the Public Utilities Act. If, however, the
20 transferring document states that the real estate, beneficial
21 interest, or controlling interest is transferred subject to a
22 mortgage, the amount of the mortgage remaining outstanding at
23 the time of transfer shall not be included in the basis of

 

 

HB6145 - 2 - LRB096 18609 HLH 33991 b

1 computing the tax. The tax is due if the transfer is made by
2 one or more related transactions or involves one or more
3 persons or entities and whether or not a document is recorded.
4 (Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05.)