Rep. Esther Golar

Filed: 3/10/2011

 

 


 

 


 
09700HB3199ham001LRB097 09556 HLH 52128 a

1
AMENDMENT TO HOUSE BILL 3199

2    AMENDMENT NO. ______. Amend House Bill 3199 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Property Tax Code is amended by changing
5Section 31-45 as follows:
 
6    (35 ILCS 200/31-45)
7    Sec. 31-45. Exemptions. The following deeds or trust
8documents shall be exempt from the provisions of this Article
9except as provided in this Section:
10    (a) Deeds representing real estate transfers made before
11January 1, 1968, but recorded after that date and trust
12documents executed before January 1, 1986, but recorded after
13that date.
14    (b) Deeds to or trust documents relating to (1) property
15acquired by any governmental body or from any governmental
16body, (2) property or interests transferred between

 

 

09700HB3199ham001- 2 -LRB097 09556 HLH 52128 a

1governmental bodies, or (3) property acquired by or from any
2corporation, society, association, foundation or institution
3organized and operated exclusively for charitable, religious
4or educational purposes. However, deeds or trust documents,
5other than those in which the Administrator of Veterans'
6Affairs of the United States is the grantee pursuant to a
7foreclosure proceeding, shall not be exempt from filing the
8declaration.
9    (c) Deeds or trust documents that secure debt or other
10obligation.
11    (d) Deeds or trust documents that, without additional
12consideration, confirm, correct, modify, or supplement a deed
13or trust document previously recorded.
14    (e) Deeds or trust documents where the actual consideration
15is less than $100.
16    (f) Tax deeds.
17    (g) (Blank). Deeds or trust documents that release property
18that is security for a debt or other obligation.
19    (h) Deeds of partition.
20    (i) Deeds or trust documents made pursuant to mergers,
21consolidations or transfers or sales of substantially all of
22the assets of corporations under plans of reorganization under
23the Federal Internal Revenue Code or Title 11 of the Federal
24Bankruptcy Act.
25    (j) Deeds or trust documents made by a subsidiary
26corporation to its parent corporation for no consideration

 

 

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1other than the cancellation or surrender of the subsidiary's
2stock.
3    (k) Deeds when there is an actual exchange of real estate
4and trust documents when there is an actual exchange of
5beneficial interests, except that that money difference or
6money's worth paid from one to the other is not exempt from the
7tax. These deeds or trust documents, however, shall not be
8exempt from filing the declaration.
9    (l) (Blank). Deeds issued to a holder of a mortgage, as
10defined in Section 15-103 of the Code of Civil Procedure,
11pursuant to a mortgage foreclosure proceeding or pursuant to a
12transfer in lieu of foreclosure.
13    (m) A deed or trust document related to the purchase of a
14principal residence by a participant in the program authorized
15by the Home Ownership Made Easy Act, except that those deeds
16and trust documents shall not be exempt from filing the
17declaration.
18(Source: P.A. 91-555, eff. 1-1-00.)".