HB6145 96TH GENERAL ASSEMBLY

LRB096 18609 HLH 33991 b

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.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

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. The tax imposed by this Section shall not apply to the transfer of an easement to (i) a public utility or an affiliate of a public utility, as that term is defined in Section 3-105 of the Public Utilities Act, or (ii) a telecommunications carrier, as that term is defined in Section 13-202 of the Public Utilities Act. 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.

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