Rep. Esther Golar

Filed: 4/13/2011

 

 


 

 


 
09700HB3199ham002LRB097 09556 HLH 54492 a

1
AMENDMENT TO HOUSE BILL 3199

2    AMENDMENT NO. ______. Amend House Bill 3199, AS AMENDED, by
3replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Property Tax Code is amended by changing
6Sections 31-35 and 31-45 as follows:
 
7    (35 ILCS 200/31-35)
8    Sec. 31-35. Deposit of tax revenue.
9    (a) Beginning on the effective date of this amendatory Act
10of the 92nd General Assembly and through June 30, 2003, of the
11moneys collected under Section 31-15, 50% shall be deposited
12into the Illinois Affordable Housing Trust Fund, 20% into the
13Open Space Lands Acquisition and Development Fund, 5% into the
14Natural Areas Acquisition Fund, and 25% into the General
15Revenue Fund.
16    (b) Except as provided in subsection (c), beginning

 

 

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1Beginning July 1, 2003, of the moneys collected under Section
231-15, 50% shall be deposited into the Illinois Affordable
3Housing Trust Fund, 35% into the Open Space Lands Acquisition
4and Development Fund, and 15% into the Natural Areas
5Acquisition Fund.
6    (c) Beginning July 1, 2011, of the moneys collected under
7Section 31-15 from (i) deeds or trust documents that release
8property that is security for a debt or other obligation and
9(ii) 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, 50% shall be deposited into the Abandoned
13Residential Property Municipality Relief Fund, 35% shall be
14deposited into the Open Space Lands Acquisition and Development
15Fund, and 15% shall be deposited into the Natural Areas
16Acquisition Fund.
17(Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874,
18eff. 7-1-03.)
 
19    (35 ILCS 200/31-45)
20    Sec. 31-45. Exemptions. The following deeds or trust
21documents shall be exempt from the provisions of this Article
22except as provided in this Section:
23    (a) Deeds representing real estate transfers made before
24January 1, 1968, but recorded after that date and trust
25documents executed before January 1, 1986, but recorded after

 

 

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1that date.
2    (b) Deeds to or trust documents relating to (1) property
3acquired by any governmental body or from any governmental
4body, (2) property or interests transferred between
5governmental bodies, or (3) property acquired by or from any
6corporation, society, association, foundation or institution
7organized and operated exclusively for charitable, religious
8or educational purposes. However, deeds or trust documents,
9other than those in which the Administrator of Veterans'
10Affairs of the United States is the grantee pursuant to a
11foreclosure proceeding, shall not be exempt from filing the
12declaration.
13    (c) Deeds or trust documents that secure debt or other
14obligation.
15    (d) Deeds or trust documents that, without additional
16consideration, confirm, correct, modify, or supplement a deed
17or trust document previously recorded.
18    (e) Deeds or trust documents where the actual consideration
19is less than $100.
20    (f) Tax deeds.
21    (g) Until the effective date of this amendatory Act of the
2297th General Assembly and beginning again on July 1, 2016,
23deeds Deeds or trust documents that release property that is
24security for a debt or other obligation.
25    (h) Deeds of partition.
26    (i) Deeds or trust documents made pursuant to mergers,

 

 

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1consolidations or transfers or sales of substantially all of
2the assets of corporations under plans of reorganization under
3the Federal Internal Revenue Code or Title 11 of the Federal
4Bankruptcy Act.
5    (j) Deeds or trust documents made by a subsidiary
6corporation to its parent corporation for no consideration
7other than the cancellation or surrender of the subsidiary's
8stock.
9    (k) Deeds when there is an actual exchange of real estate
10and trust documents when there is an actual exchange of
11beneficial interests, except that that money difference or
12money's worth paid from one to the other is not exempt from the
13tax. These deeds or trust documents, however, shall not be
14exempt from filing the declaration.
15    (l) Until the effective date of this amendatory Act of the
1697th General Assembly and beginning again on July 1, 2016,
17deeds Deeds issued to a holder of a mortgage, as defined in
18Section 15-103 of the Code of Civil Procedure, pursuant to a
19mortgage foreclosure proceeding or pursuant to a transfer in
20lieu of foreclosure, except that those deeds shall remain
21exempt for the period prior to July 1, 2016 if the holder (i)
22originated the mortgage in question, (ii) did not originate
23more than 10,000 mortgage loans in 2007, and (iii) had less
24than $5,000,000,000 in assets as of the effective date of this
25amendatory Act of the 97th General Assembly.
26    (m) A deed or trust document related to the purchase of a

 

 

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1principal residence by a participant in the program authorized
2by the Home Ownership Made Easy Act, except that those deeds
3and trust documents shall not be exempt from filing the
4declaration.
5(Source: P.A. 91-555, eff. 1-1-00.)
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.".