TITLE 86: REVENUE
CHAPTER I: DEPARTMENT OF REVENUE
PART 120 REAL ESTATE TRANSFER TAX
SECTION 120.10 PROCEDURES FOR REVENUE STAMP SALES TO COUNTIES


 

Section 120.10 Procedures for Revenue Stamp Sales to Counties

 

a) The Department of Revenue shall issue Revenue Stamps resembling postage-type stamps in the denominations of $0.25 to $50,000.

 

b) Recorders of deeds and registrars of titles are hereby authorized to dispense Revenue Stamps by single stamp imprints produced by approved stamping machines. Meter settings for stamping machines shall be set by the Department of Revenue.

 

c) Sales of postage-type stamps will be conducted at the Department of Revenue in Springfield only. Meter settings for single stamp imprints produced by approved stamping machines will be conducted at the Department of Revenue's distribution centers in Chicago, Springfield, and District Offices.

 

d) The Department of Revenue provides two options for purchasing Revenue Stamps:

 

1) Option 1 State Tax Only:

 

Option 1 represents State tax only. Revenue Stamps and meter settings are purchased at full value and affixed at the rate of $.50 per $500 value or fraction thereof.

 

2) Option 2 State/County Tax:

 

Option 2 represents payment of State and county tax. Revenue Stamps and meter settings are purchased at 66⅔% of face value and affixed at the rate of $.75 per $500 value or fraction thereof. Revenue Stamps are coded with the county name. On and after June 1, 2004, the recorder shall write or stamp in indelible ink or perforate using a machine or punch to mark Revenue Stamps or any transferring document that is recorded so as to denote any instances in which a transfer is not subject to the county tax.

 

3) Any county wishing to change from the option it originally selected must request approval from the Department of Revenue at least 30 days prior to the desired effective date of the change.

 

4) Electronic Revenue Stamp or Alternative Indicia

Recorders of deeds or registrars of titles using an electronic Revenue Stamp or alternative indicia to issue Revenue Stamps electronically, when the Department of Revenue is reimbursed on a monthly basis, shall utilize the Department of Revenue's electronic reporting system or an approved interface with the Department of Revenue.

 

e) Purchases of postage-type stamps and meter settings for single stamp imprints shall be made on an order-invoice form prescribed by the Department of Revenue, which shall be signed by an authorized county official.

 

f) The order-invoice form shall be accompanied by an official check that shall be signed by an authorized county official and that shall be in full payment of the invoice amount.

 

g) A claim form prescribed by the Department of Revenue shall be used by the recorder of deeds or the registrar of titles to request credit for Revenue Stamps that can be proven to have been mistakenly issued or mutilated or that otherwise result from a stamping machine malfunction, and shall be used as credit at the time of stamp purchases or meter settings.

 

h) The credit claim form and required proof must accompany the order-invoice form if credit is to be allowed.

 

i) All forms issued pursuant to this Part may be obtained from the Department of Revenue distribution center in Springfield.

 

(Source: Amended at 40 Ill. Reg. 16225, effective December 8, 2016)