Full Text of HB5445 97th General Assembly
HB5445 97TH GENERAL ASSEMBLY |
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012 HB5445 Introduced 2/15/2012, by Rep. Esther Golar SYNOPSIS AS INTRODUCED: |
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35 ILCS 200/31-35 |
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35 ILCS 200/31-45 |
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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.
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| | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Sections 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 | 9 | | Act 92-536) this amendatory Act of the 92nd
General
Assembly | 10 | | and through June 30, 2003,
of the moneys
collected under | 11 | | Section 31-15, 50% shall be deposited
into the Illinois | 12 | | Affordable Housing Trust Fund, 20% into the Open
Space Lands | 13 | | Acquisition and Development Fund, 5% into the
Natural Areas | 14 | | Acquisition Fund, and 25% into the General Revenue Fund.
| 15 | | (b) Except as provided in subsection (c), beginning | 16 | | Beginning July 1, 2003, of the moneys collected under Section | 17 | | 31-15,
50% shall be deposited into the Illinois Affordable | 18 | | Housing Trust Fund, 35%
into the Open Space Lands Acquisition | 19 | | and Development Fund, and 15% into the
Natural Areas | 20 | | Acquisition Fund.
| 21 | | (c) Beginning July 1, 2012, of the moneys collected under | 22 | | Section 31-15 from (i) deeds or trust documents that release | 23 | | property that is security for a debt or other obligation and |
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| 1 | | (ii) deeds issued to a holder of a mortgage, as defined in | 2 | | Section 15-103 of the Code of Civil Procedure, pursuant to a | 3 | | mortgage foreclosure proceeding or pursuant to a transfer in | 4 | | lieu of foreclosure, 50% shall be deposited into the Abandoned | 5 | | Residential Property Municipality Relief Fund, 35% shall be | 6 | | deposited into the Open Space Lands Acquisition and Development | 7 | | Fund, and 15% shall be deposited into the Natural Areas | 8 | | Acquisition Fund. | 9 | | (Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, | 10 | | eff. 7-1-03.)
| 11 | | (35 ILCS 200/31-45)
| 12 | | Sec. 31-45. Exemptions. The following deeds or trust | 13 | | documents shall be
exempt from the provisions of this Article | 14 | | except as provided in this Section:
| 15 | | (a) Deeds representing real estate transfers made before | 16 | | January 1, 1968,
but recorded after that date and trust | 17 | | documents executed before January 1,
1986, but recorded after | 18 | | that date.
| 19 | | (b) Deeds to or trust documents relating to (1) property | 20 | | acquired by any
governmental body or from any governmental | 21 | | body, (2) property or interests
transferred between | 22 | | governmental bodies, or (3) property acquired by or from
any | 23 | | corporation, society, association, foundation or institution | 24 | | organized and
operated exclusively for charitable, religious | 25 | | or educational purposes.
However, deeds or trust documents, |
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| 1 | | other than those in which the Administrator
of Veterans' | 2 | | Affairs of the United States is the grantee pursuant to a
| 3 | | foreclosure proceeding, shall not be exempt from filing the | 4 | | declaration.
| 5 | | (c) Deeds or trust documents that secure debt or other | 6 | | obligation.
| 7 | | (d) Deeds or trust documents that, without additional | 8 | | consideration,
confirm, correct, modify, or supplement a deed | 9 | | or trust document previously
recorded.
| 10 | | (e) Deeds or trust documents where the actual consideration | 11 | | is less than
$100.
| 12 | | (f) Tax deeds.
| 13 | | (g) Until the effective date of this amendatory Act of the | 14 | | 97th General Assembly and beginning again on July 1, 2016, | 15 | | deeds Deeds or trust documents that release property that is | 16 | | security for a
debt or other obligation.
| 17 | | (h) Deeds of partition.
| 18 | | (i) Deeds or trust documents made pursuant to mergers, | 19 | | consolidations or
transfers or sales of substantially all of | 20 | | the assets of corporations under
plans of reorganization under | 21 | | the Federal Internal Revenue Code or Title 11 of
the Federal | 22 | | Bankruptcy Act.
| 23 | | (j) Deeds or trust documents made by a subsidiary | 24 | | corporation to its
parent corporation for no consideration | 25 | | other than the cancellation or
surrender of the subsidiary's | 26 | | stock.
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| 1 | | (k) Deeds when there is an actual exchange of real estate | 2 | | and trust
documents when there is an actual exchange of | 3 | | beneficial interests, except that
that money difference or | 4 | | money's worth paid from one to the
other is not exempt from the | 5 | | tax. These deeds or trust documents, however,
shall not be | 6 | | exempt from filing the declaration.
| 7 | | (l) Until the effective date of this amendatory Act of the | 8 | | 97th General Assembly and beginning again on July 1, 2016, | 9 | | deeds 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 , except that those deeds shall remain | 13 | | exempt for the period prior to July 1, 2016, if the holder: (i) | 14 | | originated the mortgage in question, (ii) did not originate | 15 | | more than 10,000 mortgage loans in 2007, and (iii) had less | 16 | | than $5,000,000 in assets on the effective date of this | 17 | | amendatory Act of the 97th General Assembly. .
| 18 | | (m) A deed or trust document related to the purchase of a | 19 | | principal
residence by a participant in the program authorized | 20 | | by the Home Ownership
Made Easy Act, except that those deeds | 21 | | and trust documents shall not be
exempt from filing the | 22 | | declaration.
| 23 | | (Source: P.A. 91-555, eff. 1-1-00.)
| 24 | | Section 99. Effective date. This Act takes effect upon | 25 | | becoming law.
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