Bill Title: Amends the Property Tax Code. In a Section regarding property tax exemptions for charitable purposes, provides that property held by a charitable organization for the purpose of constructing or rehabilitating residences for eventual transfer to qualified low-income families through sale, lease, or contract for deed is exempt from property tax as a charitable purpose. Provides that the exemption commences on the day title to the property is transferred to the organization and continues to the end of the levy year in which the organization transfers title to the property to a qualified low-income family. Effective immediately.

Sponsorship: Slight Partisan Bill (Republican 3-1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB3642 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2017-02-10	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3642

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3642 currently on file.