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File #: 13-2046    Version: 1 Name: 10-23-1013 Amendment to the Cook County Retail Transfer Trax
Type: Ordinance Amendment Status: Approved
File created: 10/22/2013 In control: Legislation and Intergovernmental Relations Committee
On agenda: 10/23/2013 Final action: 11/13/2013
Title: PROPOSED ORDINANCE AMENDMENT AN AMENDMENT TO THE COOK COUNTY REAL ESTATE TRANSFER TAX BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 Taxation, Article III, Real Estate Transfer Tax, Section 74-101 Definitions of the Cook County Code is hereby amended as Follows: SSec. 74-101. Definitions. The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning: Beneficial interest in real property 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 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 inte...
Sponsors: LARRY SUFFREDIN
title
PROPOSED ORDINANCE AMENDMENT

AN AMENDMENT TO THE COOK COUNTY REAL ESTATE TRANSFER TAX

BE IT ORDAINED, by the Cook County Board of Commissioners, that Chapter 74 Taxation, Article III, Real Estate Transfer Tax, Section 74-101 Definitions of the Cook County Code is hereby amended as Follows:

SSec. 74-101. Definitions.
The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:
Beneficial interest in real property 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 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:
(1) Fifty percent or more of the combined voting power or fair market value of all ownership interests or beneficial interests in a real estate entity, whether the interests are owned by one or by several persons; or
(2) The right of one or of several persons to receive at the time of any distribution 50 percent or more of the income or profits of a real estate entity.
Real Estate entity means any person (other than an Illinois land trust) including, but not limited to, any partnership, corporation, limited liability company, trust, or single or multi-tiered entity, or any other entity that exists or acts substantially for the purpose of holding, directly or indirectly, title to or beneficial interest in real property located in the County whether for personal use, the production of rental income, or investment. It shall be presumed, unless proven otherwise, that an entity is a real estate entity if ...

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