Illinois General Assembly - Full Text of HB5613
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Full Text of HB5613  98th General Assembly




HB5613 EnrolledLRB098 19704 HLH 54915 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
5Sections 31-5 and 31-15 as follows:
6    (35 ILCS 200/31-5)
7    Sec. 31-5. Definitions.
8    "Affixed" means physically or electronically indicated.
9    "Recordation" includes the issuance of certificates of
10title by Registrars of Title under the Registered Titles
11(Torrens) Act pursuant to the filing of deeds or trust
12documents for that purpose, as well as the recording of deeds
13or trust documents by recorders.
14    "Department" means the Department of Revenue.
15    "Person" means any natural individual, firm, partnership,
16association, joint stock company, joint adventure, public or
17private corporation, limited liability company, or a receiver,
18executor, trustee, guardian or other representative appointed
19by order of any court.
20    "Revenue Stamp" means physical, electronic, or alternative
21indicia that indicates the amount of tax paid.
22    "Value" means the amount of the full actual consideration
23for the real property or the beneficial interest in real



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1property located in Illinois, including the amount of any lien
2on the real property assumed by the transferee.
3    "Trust document" means a document required to be recorded
4under the Land Trust Recordation and Transfer Tax Act and,
5beginning June 1, 2005, also means any document relating to the
6transfer of a taxable beneficial interest under this Article.
7    "Beneficial interest" includes, but is not limited to:
8        (1) the beneficial interest in an Illinois land trust;
9        (2) the lessee interest in a ground lease (including
10    any interest of the lessee in the related improvements)
11    that provides for a term of 30 or more years when all
12    options to renew or extend are included, whether or not any
13    portion of the term has expired; or
14        (3) the indirect interest in real property as reflected
15    by a controlling interest in a real estate entity.
16    "Controlling interest" means more than 50% of the fair
17market value of all ownership interests or beneficial interests
18in a real estate entity.
19    "Real estate entity" means any person including, but not
20limited to, any partnership, corporation, limited liability
21company, trust, other entity, or multi-tiered entity, that
22exists or acts substantially for the purpose of holding
23directly or indirectly title to or beneficial interest in real
24property. There is a rebuttable presumption that an entity is a
25real estate entity if it owns, directly or indirectly, real
26property having a fair market value greater than 75% of the



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1total fair market value of all of the entity's assets,
2determined without deduction for any mortgage, lien, or
4(Source: P.A. 92-651, eff. 7-11-02; 93-657, eff. 6-1-04;
593-1099, eff. 6-1-05.)
6    (35 ILCS 200/31-15)
7    Sec. 31-15. Collection of tax.
8    (a) Paper revenue stamps. The tax shall be collected by the
9recorder or registrar of titles of the county in which the
10property is situated through the sale of revenue stamps, the
11design, denominations and form of which shall be prescribed by
12the Department. If requested by the recorder or registrar of
13titles of a county that has imposed a county real estate
14transfer tax under Section 5-1031 of the Counties Code, the
15Department shall design the stamps furnished to that county
16under this Section so that the same stamp also provides
17evidence of the payment of the county real estate transfer tax
18and shall include in the design of the stamp the name of the
19county and an indication that the stamp is evidence of the
20payment of both State and county real estate transfer taxes.
21The revenue stamps shall be sold by the Department to the
22recorder or registrar of titles who shall cause them to be sold
23for the purposes prescribed. The Department shall charge at a
24rate of 50˘ per $500 of value in units of not less than $500.
25The recorder or registrar of titles of the several counties



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1shall sell the revenue stamps at a rate of 50˘ per $500 of
2value or fraction of $500. The recorder or registrar of titles
3may use the proceeds for the purchase of revenue stamps from
4the Department. The Department must establish a system to allow
5the recorder or registrar of titles to purchase the revenue
6stamps electronically and must deliver the electronically
7purchased stamps to the recorder or registrar of titles.
8    (b) Electronic revenue stamp or alternative indicia. If the
9recorder or registrar of titles uses an electronic revenue
10stamp or alternative indicia, the recorder or registrar of
11titles shall electronically file a return and electronically
12remit the tax to the Department on or before the 10th day of
13the month following the month in which the tax was required to
14be collected. The return shall disclose the tax collected and
15other information that the Department may reasonably require.
16The return shall be filed using a format prescribed by the
18    If a return is not filed or the tax is not fully paid as
19required under this Section within 15 days of the required time
20period, the Department may eliminate the recorder or registrar
21of titles' ability to electronically file its returns and
22electronically remit the tax until such time as the recorder or
23registrar of titles fully remits the return and tax amount due.
24(Source: P.A. 94-785, eff. 1-1-07.)
25    Section 10. The Uniform Penalty and Interest Act is amended



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1by changing Section 3-1A as follows:
2    (35 ILCS 735/3-1A)  (from Ch. 120, par. 2603-1A)
3    Sec. 3-1A. In this Article, references to this "Act" mean
4this "Article" and references to "Department" mean the
5Department of Revenue. Unless otherwise specified in a tax Act,
6this Act applies to all taxes administered by the Department of
7Revenue, except for the Racing Privilege Tax Act, the
8provisions of the Property Tax Code except as expressly
9provided in Section 31-15 of the Property Tax Code, the Real
10Estate Transfer Tax Act, and the Coin Operated Amusement Device
12(Source: P.A. 87-205; 88-670, eff. 12-2-94.)
13    Section 99. Effective date. This Act takes effect upon
14becoming law.