Illinois Senate Bill 2924

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 26 2024 - 25% progression
Action: 2024-01-26 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Creates the Family Home Ownership Act. Imposes a tax on certain partnerships, corporations, limited liability companies, or real estate investment trusts that purchase single-family residences. Provides that the amount of the tax is equal to 100% of the fair market value of the residence. Provides that the proceeds of the tax shall be deposited into the Illinois Affordable Housing Trust Fund for the purpose of providing rental and mortgage payment assistance. Requires hedge funds and other applicable taxpayers to reduce the number of single-family residences owned by the hedge fund over a 10-year period. Provides that, 10 years after the effective date of the Act, hedge funds may not own any applicable single-family residences. Provides that, 10 years after the effective date of the Act, applicable taxpayers other than hedge funds may not own more than 50 applicable single-family residences. Effective immediately.

FAMILY HOME OWNERSHIP ACT

Sen. Laura Ellman [D]

Date	Chamber	Action
2024-01-26	Senate	Referred to Assignments
2024-01-26	Senate	First Reading
2024-01-26	Senate	Filed with Secretary by Sen. Laura Ellman

Chapter	Article	Section	Citation Type	Statute Text
310	65	5	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2924&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB2924.htm