Full Text of HB1545 96th General Assembly
HB1545ham001 96TH GENERAL ASSEMBLY
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Rep. André M. Thapedi
Filed: 3/12/2009
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09600HB1545ham001 |
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LRB096 05079 HLH 23664 a |
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| AMENDMENT TO HOUSE BILL 1545
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| AMENDMENT NO. ______. Amend House Bill 1545 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Property Tax Code is amended by changing | 5 |
| Section 31-45 as follows:
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| (35 ILCS 200/31-45)
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| Sec. 31-45. Exemptions. The following deeds or trust | 8 |
| documents shall be
exempt from the provisions of this Article | 9 |
| except as provided in this Section:
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| (a) Deeds representing real estate transfers made before | 11 |
| January 1, 1968,
but recorded after that date and trust | 12 |
| documents executed before January 1,
1986, but recorded after | 13 |
| that date.
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| (b) Deeds to or trust documents relating to (1) property | 15 |
| acquired by any
governmental body or from any governmental | 16 |
| body, (2) property or interests
transferred between |
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| governmental bodies, or (3) property acquired by or from
any | 2 |
| corporation, society, association, foundation or institution | 3 |
| organized and
operated exclusively for charitable, religious | 4 |
| or educational purposes.
However, deeds or trust documents, | 5 |
| other than those in which the Administrator
of Veterans' | 6 |
| Affairs of the United States is the grantee pursuant to a
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| foreclosure proceeding, shall not be exempt from filing the | 8 |
| declaration.
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| (c) Deeds or trust documents that secure debt or other | 10 |
| obligation.
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| (d) Deeds or trust documents that, without additional | 12 |
| consideration,
confirm, correct, modify, or supplement a deed | 13 |
| or trust document previously
recorded.
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| (e) Deeds or trust documents where the actual consideration | 15 |
| is less than
$100.
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| (f) Tax deeds.
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| (g) Deeds or trust documents that release property that is | 18 |
| security for a
debt or other obligation.
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| (h) Deeds of partition.
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| (i) Deeds or trust documents made pursuant to mergers, | 21 |
| consolidations or
transfers or sales of substantially all of | 22 |
| the assets of corporations under
plans of reorganization under | 23 |
| the Federal Internal Revenue Code or Title 11 of
the Federal | 24 |
| Bankruptcy Act.
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| (j) Deeds or trust documents made by a subsidiary | 26 |
| corporation to its
parent corporation for no consideration |
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LRB096 05079 HLH 23664 a |
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| other than the cancellation or
surrender of the subsidiary's | 2 |
| stock.
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| (k) Deeds when there is an actual exchange of real estate | 4 |
| and trust
documents when there is an actual exchange of | 5 |
| beneficial interests, except that
that money difference or | 6 |
| money's worth paid from one to the
other is not exempt from the | 7 |
| tax. These deeds or trust documents, however,
shall not be | 8 |
| exempt from filing the declaration.
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| (l) Deeds issued to a holder of a mortgage, as defined in | 10 |
| Section 15-103
of the Code of Civil Procedure, pursuant to a | 11 |
| mortgage foreclosure proceeding
or pursuant to a transfer in | 12 |
| lieu of foreclosure.
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| (m) A deed or trust document related to the purchase of a | 14 |
| principal
residence by a participant in the program authorized | 15 |
| by the Home Ownership
Made Easy Act, except that those deeds | 16 |
| and trust documents shall not be
exempt from filing the | 17 |
| declaration.
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| (Source: P.A. 91-555, eff. 1-1-00.)".
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