Illinois General Assembly - Full Text of Public Act 098-0929
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Public Act 098-0929





Public Act 098-0929
HB5613 EnrolledLRB098 19704 HLH 54915 b

    AN ACT concerning revenue.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Property Tax Code is amended by changing
Sections 31-5 and 31-15 as follows:
    (35 ILCS 200/31-5)
    Sec. 31-5. Definitions.
    "Affixed" means physically or electronically indicated.
    "Recordation" includes the issuance of certificates of
title by Registrars of Title under the Registered Titles
(Torrens) Act pursuant to the filing of deeds or trust
documents for that purpose, as well as the recording of deeds
or trust documents by recorders.
    "Department" means the Department of Revenue.
    "Person" means any natural individual, firm, partnership,
association, joint stock company, joint adventure, public or
private corporation, limited liability company, or a receiver,
executor, trustee, guardian or other representative appointed
by order of any court.
    "Revenue Stamp" means physical, electronic, or alternative
indicia that indicates the amount of tax paid.
    "Value" means the amount of the full actual consideration
for the real property or the beneficial interest in real
property located in Illinois, including the amount of any lien
on the real property assumed by the transferee.
    "Trust document" means a document required to be recorded
under the Land Trust Recordation and Transfer Tax Act and,
beginning June 1, 2005, also means any document relating to the
transfer of a taxable beneficial interest under this Article.
    "Beneficial interest" includes, but is not limited to:
        (1) the beneficial interest in an Illinois land trust;
        (2) the lessee interest in a ground lease (including
    any interest of the lessee in the related improvements)
    that provides for a term of 30 or more years when all
    options to renew or extend are included, whether or not any
    portion of the term has expired; or
        (3) the indirect interest in real property as reflected
    by a controlling interest in a real estate entity.
    "Controlling interest" means more than 50% of the fair
market value of all ownership interests or beneficial interests
in a real estate entity.
    "Real estate entity" means any person including, but not
limited to, any partnership, corporation, limited liability
company, trust, other entity, or multi-tiered entity, that
exists or acts substantially for the purpose of holding
directly or indirectly title to or beneficial interest in real
property. There is a rebuttable presumption that an entity is a
real estate entity if it owns, directly or indirectly, real
property having a fair market value greater than 75% of the
total fair market value of all of the entity's assets,
determined without deduction for any mortgage, lien, or
(Source: P.A. 92-651, eff. 7-11-02; 93-657, eff. 6-1-04;
93-1099, eff. 6-1-05.)
    (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. If requested by the recorder or registrar of
titles of a county that has imposed a county real estate
transfer tax under Section 5-1031 of the Counties Code, the
Department shall design the stamps furnished to that county
under this Section so that the same stamp also provides
evidence of the payment of the county real estate transfer tax
and shall include in the design of the stamp the name of the
county and an indication that the stamp is evidence of the
payment of both State and county real estate transfer taxes.
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
    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. 94-785, eff. 1-1-07.)
    Section 10. The Uniform Penalty and Interest Act is amended
by changing Section 3-1A as follows:
    (35 ILCS 735/3-1A)  (from Ch. 120, par. 2603-1A)
    Sec. 3-1A. In this Article, references to this "Act" mean
this "Article" and references to "Department" mean the
Department of Revenue. Unless otherwise specified in a tax Act,
this Act applies to all taxes administered by the Department of
Revenue, except for the Racing Privilege Tax Act, the
provisions of the Property Tax Code except as expressly
provided in Section 31-15 of the Property Tax Code, the Real
Estate Transfer Tax Act, and the Coin Operated Amusement Device
(Source: P.A. 87-205; 88-670, eff. 12-2-94.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/15/2014