Illinois Statutes
§ 31-46 — Exemption from tax equal to corporate franchise taxes paid
Illinois § 31-46
JurisdictionIllinois
TopicGOVERNMENT
Ch. 35REVENUE
Act 35 ILCS 200/Property Tax Code.
Art.Article 31 - Real Estate Transfer Tax Law
This text of Illinois § 31-46 (Exemption from tax equal to corporate franchise taxes paid) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
35 Ill. Comp. Stat. 31-46 (2026).
Text
If a transfer of a controlling interest in a real estate entity is taxed under this Article and the real estate entity liable for the tax under this Article is also liable for corporate franchise taxes under the Business Corporation Act of 1983 as a result of the transfer, then the real estate entity is exempt from paying the tax imposed under this Article to the extent of the corporate franchise tax paid by the real estate entity as a result of the transfer. The exemption shall not reduce the real estate entity's tax liability under this Article to less than zero.
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Legislative History
(Source: P.A. 93-657, eff. 6-1-04 .)
Nearby Sections
15
§ 31
§ 31§ 31-1
Short title§ 31-10
Imposition of tax§ 31-15
Collection of tax§ 31-20
Affixing of stamps§ 31-25
Transfer declaration§ 31-30
Use of transfer declaration§ 31-35
Deposit of tax revenue§ 31-45
Exemptions§ 31-47
Verification§ 31-5
Definitions§ 31-50
Penalties§ 31-55
Public recordsCite This Page — Counsel Stack
Bluebook (online)
Illinois § 31-46, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/35/31-46.