HB2546 103RD GENERAL ASSEMBLY

LRB103 29898 HLH 56309 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2546

Introduced 2/15/2023, by Rep. Kevin John Olickal

SYNOPSIS AS INTRODUCED:

35 ILCS 200/31-10

Amends the Property Tax Code. In provisions concerning a real estate transfer tax, provides that, if the grantee is a private equity firm with more than $10,000,000 in assets on the date of the transfer, then an additional tax of $0.035 per $100 of value is imposed on the privilege of transferring a beneficial interest in real property located in Illinois. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 31-10 as follows:

(35 ILCS 200/31-10)

Sec. 31-10. Imposition of tax. A tax is imposed on the privilege of transferring title to real estate located in Illinois, on the privilege of transferring a beneficial interest in real property located in Illinois, and on the privilege of transferring a controlling interest in a real estate entity owning property located in Illinois, at the rate of 50˘ for each $500 of value or fraction of $500 stated in the declaration required by Section 31-25. If, however, the transferring document states that the real estate, beneficial interest, or controlling interest is transferred subject to a mortgage, the amount of the mortgage remaining outstanding at the time of transfer shall not be included in the basis of computing the tax. The tax is due if the transfer is made by one or more related transactions or involves one or more persons or entities and whether or not a document is recorded. Notwithstanding any other provision of law, if the grantee is a private equity firm with more than $10,000,000 in assets on the date of the transfer, then an additional tax of $0.035 per $100 of value is imposed on the privilege of transferring a beneficial interest in real property located in Illinois.

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

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