90th General Assembly
Summary of HB1121
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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


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