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IL SB3275
Bill
AI Summary
- Amends the Property Tax Code to phase out paper revenue stamps by December 31, 2025, after which all counties must use electronic revenue stamps or alternative indicia to indicate transfer tax payments
- Requires recorders and registrars of titles to electronically file returns using a Department-required electronic system and remit transfer taxes via debit payment or ACH credit by the 10th day of the following month
- Mandates that all property sale transactions be transmitted to the Department through its electronic system regardless of whether paper, electronic, or alternative revenue stamps are used
- Allows the Department to suspend a recorder or registrar's electronic filing and remittance privileges if returns are not filed or taxes are not fully paid within 15 days of the required deadline
- Updates the definition of "revenue stamp" to include electronic or alternative indicia (until December 31, 2025) and clarifies that "affixed" means physically or electronically indicated
Legislative Description
PROP TX-STAMPS
Last Action
Public Act . . . . . . . . . 103-0963
8/9/2024
Committee Referrals
Revenue & Finance4/24/2024
Rules4/15/2024
Revenue2/20/2024
Assignments2/6/2024
Full Bill Text
No bill text available