House Sponsors: CURRY,JULIE-MOFFITT-NOVAK. Senate Sponsors: PETERSON Short description: PROP TX-MINERAL RTS-REVERSION Synopsis of Bill as introduced: Amends the Property Tax Code. Provides that mineral rights offered for sale at a scavenger tax sale and not sold or confirmed after being offered for sale for 10 consecutive years shall revert to the surface owner. Requires the county treasurer to deliver a notice of the reversion to the party in whose name the taxes on the mineral rights are last assessed. Provides that the Department shall prescribe forms or provide suitable forms for the notification. Effective immediately. STATE MANDATES FISCAL NOTE In the opinion of DCCA, HB 1121 creates a "local government or- ganization and structure mandate" for which no reimbursement is required under the State Mandates Act. FISCAL NOTE (Dept. of Revenue) HB 1121 has no fiscal impact on this Dept. HOUSE AMENDMENT NO. 1. Provides that the notice shall also be delivered to the county recorder or county collector, whichever is applicable. SENATE AMENDMENT NO. 1. Adds reference to: New Act from Ch. 127, par. 142z-18 30 ILCS 105/6z-18 30 ILCS 105/6z-20 from Ch. 127, par. 142z-20 35 ILCS 105/1a from Ch. 120, par. 439.1a 35 ILCS 105/3-10 from Ch. 120, par. 439.3-10 35 ILCS 105/9 from Ch. 120, par. 439.9 35 ILCS 120/1c from Ch. 120, par. 440c 35 ILCS 120/2-10 from Ch. 120, par. 441-10 35 ILCS 120/3 from Ch. 120, par. 442 Creates the Automobile Leasing Occupation and Use Tax Act. Imposes a tax at the rate of 5% of the gross receipts of persons engaged in the business of leasing automobiles and a tax at the rate of 5% of the leasing price upon the privilege of using in this State an automobile that is leased from a lessor. Amends the State Finance Act, the Use Tax Act, and the Retailers' Occupation Tax Act. Imposes a use tax and a retailers' occupation tax at the rate of 1.25% on any motor vehicle that is sold to a lessor for the purpose of leasing under a lease subject to the Automobile Leasing Occupation and Use Tax Act. Imposes a tax at the rate of 5% on a motor vehicle that has been leased by a lessor to a lessee under a lease that is subject to the Automobile Leasing Occupation and Use Tax Act and is subsequently sold to the lessee of the vehicle. Provides for the distribution of proceeds of the tax. Effective July 1, 1998. CONFERENCE COMMITTEE REPORT NO. 1. Recommends that the House concur in S-am 1. Recommends that the bill be further amended as follows: In the Automobile Leasing Occupation and Use Tax Act, revises the definition of "leasing price" with respect to "residual value". In the Property Tax Code, provides that mineral rights which after 10 consec- utive years of being offered for sale and not confirmed shall no long- er be required to be offered for sale. Deletes amendatory provisions concerning the reversion of mineral rights to the surface owner. Last action on Bill: TOTAL VETO STANDS Last action date: 97-10-30 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status