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Real Estate Transfer Tax Changes

 
 Volume/Number:  2004 May 
 Issuing Agency:   
 Description:  Illinois Department of Revenue publication FY 2004-15 Real Estate Transfer Tax Changes, Informational Bulletin to: All persons or entities transferring a beneficial interest in real property located in Illinois. Public Act 93-657 amends the Illinois Real Estate Transfer Tax Law. Effective June 1, 2004, the tax is imposed on the privilege of transferring the following additional types of beneficial interests in real property: the lessee interest in a ground lease for a term of 30 or more years; and the indirect interest in real property as reflected by a controlling interest in a real estate entity. Before June 1, 2004, these transactions were not taxed by the State of Illinois. This informational bulletin explains the additional types of beneficial interests now subject to the tax; what forms must be completed; and how much tax is owed. 
 Date Created:  2004 
 Agency ID:  FY 2004-15 
 ISL ID:  000000001666   Original UID: 1604 FIRST WORD: Real