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.

(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 and electronically remit the tax to the Department 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 a format prescribed by the Department.

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. 98-929, eff. 8-15-14.)