Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 200/31-15

    (35 ILCS 200/31-15)
    Sec. 31-15. Collection of tax.

(a) Paper revenue stamps. The tax shall be collected by the recorder or registrar of titles of the county in which the property is situated through the sale of revenue stamps, the design, denominations and form of which shall be prescribed by the Department. The revenue stamps shall be sold by the Department to the recorder or registrar of titles who shall cause them to be sold for the purposes prescribed. The Department shall charge at a rate of 50¢ per $500 of value in units of not less than $500. The recorder or registrar of titles of the several counties shall sell the revenue stamps at a rate of 50¢ per $500 of value or fraction of $500. The recorder or registrar of titles may use the proceeds for the purchase of revenue stamps from the Department. The Department must establish a system to allow the recorder or registrar of titles to purchase the revenue stamps electronically and must deliver the electronically purchased stamps to the recorder or registrar of titles. Paper revenue stamps shall be phased out by December 31, 2025. Thereafter, all counties shall issue electronic revenue stamps or alternative indicia.

(b) Electronic revenue stamp or alternative indicia. If the recorder or registrar of titles uses an electronic revenue stamp or alternative indicia, the recorder or registrar of titles shall electronically file a return using an electronic system required by the Department and electronically remit the tax to the Department via a debit payment or ACH credit on or before the 10th day of the month following the month in which the tax was required to be collected. The return shall disclose the tax collected and other information that the Department may reasonably require. The return shall be filed using an electronic format prescribed by the Department through the MyDec system or another electronic system used by the Department.

(c) The recordation of all transactions involving the sale of property shall require the activity to be transmitted to the Department through the use of the Department's electronic system, whether paper revenue stamps, electronic revenue stamps, or alternative indicia is employed.

If a return is not filed or the tax is not fully paid as required under this Section within 15 days of the required time period, the Department may eliminate the recorder or registrar of titles' ability to electronically file its returns and electronically remit the tax until such time as the recorder or registrar of titles fully remits the return and tax amount due.

(Source: P.A. 103-963, eff. 8-9-24.)