Bill Text: IL SB2774 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the collection of tax.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB2774 Detail]

Download: Illinois-2011-SB2774-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB2774 Introduced 1/18/2012, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
35 ILCS 200/31-15
Amends the Property Tax Code. Makes a technical change in a Section concerning the collection of tax.
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A BILL FOR
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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
Section 31-15 as follows:
(35 ILCS 200/31-15)
Sec. 31-15. Collection of tax. The 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.

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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.
(Source: P.A. 94-785, eff. 1-1-07.)