Bill Text: IL HB2546 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. In provisions concerning a real estate transfer tax, provides that, if the grantee is a private equity firm with more than $10,000,000 in assets on the date of the transfer, then an additional tax of $0.035 per $100 of value is imposed on the privilege of transferring a beneficial interest in real property located in Illinois. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2546 Detail]
Download: Illinois-2023-HB2546-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
5 | Section 31-10 as follows:
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6 | (35 ILCS 200/31-10)
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7 | Sec. 31-10. Imposition of tax. A tax is imposed on the | |||||||||||||||||||
8 | privilege of
transferring title to real estate located in | |||||||||||||||||||
9 | Illinois, on the privilege of transferring a beneficial | |||||||||||||||||||
10 | interest in
real
property located in Illinois,
and on the | |||||||||||||||||||
11 | privilege of transferring a controlling interest in a real | |||||||||||||||||||
12 | estate
entity owning property located in Illinois,
at the rate | |||||||||||||||||||
13 | of 50¢ for each $500 of
value or fraction of $500 stated in the | |||||||||||||||||||
14 | declaration required by Section 31-25.
If, however, the | |||||||||||||||||||
15 | transferring document states that the real estate, beneficial | |||||||||||||||||||
16 | interest, or
controlling interest
is
transferred subject to a | |||||||||||||||||||
17 | mortgage, the amount of the mortgage remaining
outstanding at | |||||||||||||||||||
18 | the time of transfer shall not be included in the basis of
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19 | computing the tax.
The tax is due if the transfer is made
by | |||||||||||||||||||
20 | one or more related transactions or involves one or more | |||||||||||||||||||
21 | persons or entities
and whether or
not a document is recorded.
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22 | Notwithstanding any other provision of law, if the grantee is | |||||||||||||||||||
23 | a private equity firm with more than $10,000,000 in assets on |
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1 | the date of the transfer, then an additional tax of $0.035 per | ||||||
2 | $100 of value is imposed on the privilege of transferring a | ||||||
3 | beneficial interest in
real
property located in Illinois.
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4 | (Source: P.A. 93-657, eff. 6-1-04; 93-1099, eff. 6-1-05 .)
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
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