97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5445

 

Introduced 2/15/2012, by Rep. Esther Golar

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/31-35
35 ILCS 200/31-45

    Amends the Property Tax Code. Provides that, beginning on the effective date of the amendatory Act and through June 30, 2016, certain deeds and trust documents are subject to the real estate transfer tax. Requires, beginning July 1, 2012, specified percentages of the proceeds generated from the imposition of that tax to be deposited into the Abandoned Residential Property Municipality Relief Fund, the Open Space Lands Acquisition and Development Fund, and the Natural Areas Acquisition Fund. Effective immediately.


LRB097 18377 HLH 63603 b

FISCAL NOTE ACT MAY APPLY
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5445LRB097 18377 HLH 63603 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Sections 31-35 and 31-45 as follows:
 
6    (35 ILCS 200/31-35)
7    Sec. 31-35. Deposit of tax revenue.
8    (a) Beginning on June 6, 2002(the effective date of Public
9Act 92-536) this amendatory Act of the 92nd General Assembly
10and through June 30, 2003, of the moneys collected under
11Section 31-15, 50% shall be deposited into the Illinois
12Affordable Housing Trust Fund, 20% into the Open Space Lands
13Acquisition and Development Fund, 5% into the Natural Areas
14Acquisition Fund, and 25% into the General Revenue Fund.
15    (b) Except as provided in subsection (c), beginning
16Beginning July 1, 2003, of the moneys collected under Section
1731-15, 50% shall be deposited into the Illinois Affordable
18Housing Trust Fund, 35% into the Open Space Lands Acquisition
19and Development Fund, and 15% into the Natural Areas
20Acquisition Fund.
21    (c) Beginning July 1, 2012, of the moneys collected under
22Section 31-15 from (i) deeds or trust documents that release
23property that is security for a debt or other obligation and

 

 

HB5445- 2 -LRB097 18377 HLH 63603 b

1(ii) deeds issued to a holder of a mortgage, as defined in
2Section 15-103 of the Code of Civil Procedure, pursuant to a
3mortgage foreclosure proceeding or pursuant to a transfer in
4lieu of foreclosure, 50% shall be deposited into the Abandoned
5Residential Property Municipality Relief Fund, 35% shall be
6deposited into the Open Space Lands Acquisition and Development
7Fund, and 15% shall be deposited into the Natural Areas
8Acquisition Fund.
9(Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874,
10eff. 7-1-03.)
 
11    (35 ILCS 200/31-45)
12    Sec. 31-45. Exemptions. The following deeds or trust
13documents shall be exempt from the provisions of this Article
14except as provided in this Section:
15    (a) Deeds representing real estate transfers made before
16January 1, 1968, but recorded after that date and trust
17documents executed before January 1, 1986, but recorded after
18that date.
19    (b) Deeds to or trust documents relating to (1) property
20acquired by any governmental body or from any governmental
21body, (2) property or interests transferred between
22governmental bodies, or (3) property acquired by or from any
23corporation, society, association, foundation or institution
24organized and operated exclusively for charitable, religious
25or educational purposes. However, deeds or trust documents,

 

 

HB5445- 3 -LRB097 18377 HLH 63603 b

1other than those in which the Administrator of Veterans'
2Affairs of the United States is the grantee pursuant to a
3foreclosure proceeding, shall not be exempt from filing the
4declaration.
5    (c) Deeds or trust documents that secure debt or other
6obligation.
7    (d) Deeds or trust documents that, without additional
8consideration, confirm, correct, modify, or supplement a deed
9or trust document previously recorded.
10    (e) Deeds or trust documents where the actual consideration
11is less than $100.
12    (f) Tax deeds.
13    (g) Until the effective date of this amendatory Act of the
1497th General Assembly and beginning again on July 1, 2016,
15deeds Deeds or trust documents that release property that is
16security for a debt or other obligation.
17    (h) Deeds of partition.
18    (i) Deeds or trust documents made pursuant to mergers,
19consolidations or transfers or sales of substantially all of
20the assets of corporations under plans of reorganization under
21the Federal Internal Revenue Code or Title 11 of the Federal
22Bankruptcy Act.
23    (j) Deeds or trust documents made by a subsidiary
24corporation to its parent corporation for no consideration
25other than the cancellation or surrender of the subsidiary's
26stock.

 

 

HB5445- 4 -LRB097 18377 HLH 63603 b

1    (k) Deeds when there is an actual exchange of real estate
2and trust documents when there is an actual exchange of
3beneficial interests, except that that money difference or
4money's worth paid from one to the other is not exempt from the
5tax. These deeds or trust documents, however, shall not be
6exempt from filing the declaration.
7    (l) Until the effective date of this amendatory Act of the
897th General Assembly and beginning again on July 1, 2016,
9deeds Deeds issued to a holder of a mortgage, as defined in
10Section 15-103 of the Code of Civil Procedure, pursuant to a
11mortgage foreclosure proceeding or pursuant to a transfer in
12lieu of foreclosure, except that those deeds shall remain
13exempt for the period prior to July 1, 2016, if the holder: (i)
14originated the mortgage in question, (ii) did not originate
15more than 10,000 mortgage loans in 2007, and (iii) had less
16than $5,000,000 in assets on the effective date of this
17amendatory Act of the 97th General Assembly..
18    (m) A deed or trust document related to the purchase of a
19principal residence by a participant in the program authorized
20by the Home Ownership Made Easy Act, except that those deeds
21and trust documents shall not be exempt from filing the
22declaration.
23(Source: P.A. 91-555, eff. 1-1-00.)
 
24    Section 99. Effective date. This Act takes effect upon
25becoming law.