Is a Professional Licensing Fee a Tax in Illinois? We’ll Need a Taxpayer with Standing to Find Out.

Is a Professional Licensing Fee a Tax in Illinois? We’ll Need a Taxpayer with Standing to Find Out.

In Illinois Association of Realtors v. Stermer, et al. (Feb. 7, 2014), a trade association representing 40,000 Illinois real estate professionals challenged the state’s transfer of monies from the Real Estate License Administrative Fund into the state’s general revenue fund.  The statute authorizing the … [Read more...]

Illinois District Court Finds that Fannie Mae, Freddie Mac, and FHFA Not Subject to Illinois Real Estate Transfer Tax

Illinois District Court Finds that Fannie Mae, Freddie Mac, and FHFA Not Subject to Illinois Real Estate Transfer Tax

On February 13, 2013, the Honorable Judge Kapala for the Northern District of Illinois partially granted declaratory judgment for Plaintiffs Fannie Mae, Freddie Mac, and the Federal Housing Finance Agency ("FHFA"), entering judgment that Plaintiffs were exempt from Illinois real estate transfer tax by virtue of … [Read more...]