Bill Status of SB3243 101st General Assembly
Short Description: REAL ESTATE TRANSFER REVENUE
Sen. Ram Villivalam - Robert Peters - Ann Gillespie - Celina Villanueva - Mattie Hunter, Christopher Belt, Laura Fine, Iris Y. Martinez, Jacqueline Y. Collins, Antonio Muņoz, Omar Aquino, Patricia Van Pelt and Emil Jones, III
| 1/13/2021||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Municipal Code. Provides that a home rule municipality with a population in excess of 1,000,000 may restructure the rates of an existing real estate transfer tax to specified amounts. Provides that if the municipality increases the real estate transfer tax rates as provided in this subsection, then of the entire proceeds received from the real estate transfer tax, 75% shall be dedicated to the city's general budget and 25% shall be dedicated to housing and services to combat homelessness.