97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB0409

 

Introduced 2/8/2011, by Sen. John J. Cullerton

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/31-15

    Amends the Property Tax Code. Makes a technical change in a Section concerning the collection of tax.


LRB097 04249 HLH 44288 b

 

 

A BILL FOR

 

SB0409LRB097 04249 HLH 44288 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 31-15 as follows:
 
6    (35 ILCS 200/31-15)
7    Sec. 31-15. Collection of tax. The The tax shall be
8collected by the recorder or registrar of titles of the county
9in which the property is situated through the sale of revenue
10stamps, the design, denominations and form of which shall be
11prescribed by the Department. If requested by the recorder or
12registrar of titles of a county that has imposed a county real
13estate transfer tax under Section 5-1031 of the Counties Code,
14the Department shall design the stamps furnished to that county
15under this Section so that the same stamp also provides
16evidence of the payment of the county real estate transfer tax
17and shall include in the design of the stamp the name of the
18county and an indication that the stamp is evidence of the
19payment of both State and county real estate transfer taxes.
20The revenue stamps shall be sold by the Department to the
21recorder or registrar of titles who shall cause them to be sold
22for the purposes prescribed. The Department shall charge at a
23rate of 50¢ per $500 of value in units of not less than $500.

 

 

SB0409- 2 -LRB097 04249 HLH 44288 b

1The recorder or registrar of titles of the several counties
2shall sell the revenue stamps at a rate of 50¢ per $500 of
3value or fraction of $500. The recorder or registrar of titles
4may use the proceeds for the purchase of revenue stamps from
5the Department. The Department must establish a system to allow
6the recorder or registrar of titles to purchase the revenue
7stamps electronically and must deliver the electronically
8purchased stamps to the recorder or registrar of titles.
9(Source: P.A. 94-785, eff. 1-1-07.)