Bill Text: IL HB3199 | 2011-2012 | 97th General Assembly | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB3199 Detail]
Download: Illinois-2011-HB3199-Introduced.html
Bill Title: Amends the Property Tax Code. Makes a technical change in a Section concerning the short title.
Spectrum: Partisan Bill (Democrat 5-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB3199 Detail]
Download: Illinois-2011-HB3199-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | ||||||
5 | Sections 31-35 and 31-45 as follows:
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6 | (35 ILCS 200/31-35)
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7 | Sec. 31-35. Deposit of tax revenue.
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8 | (a) Beginning on the effective date of this amendatory Act | ||||||
9 | of the 92nd
General
Assembly and through June 30, 2003,
of the | ||||||
10 | moneys
collected under Section 31-15, 50% shall be deposited
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11 | into the Illinois Affordable Housing Trust Fund, 20% into the | ||||||
12 | Open
Space Lands Acquisition and Development Fund, 5% into the
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13 | Natural Areas Acquisition Fund, and 25% into the General | ||||||
14 | Revenue Fund.
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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.
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21 | (c) Beginning July 1, 2011, 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.)
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11 | (35 ILCS 200/31-45)
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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:
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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.
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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
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3 | foreclosure proceeding, shall not be exempt from filing the | ||||||
4 | declaration.
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5 | (c) Deeds or trust documents that secure debt or other | ||||||
6 | obligation.
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7 | (d) Deeds or trust documents that, without additional | ||||||
8 | consideration,
confirm, correct, modify, or supplement a deed | ||||||
9 | or trust document previously
recorded.
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10 | (e) Deeds or trust documents where the actual consideration | ||||||
11 | is less than
$100.
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12 | (f) Tax deeds.
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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.
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17 | (h) Deeds of partition.
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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.
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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.
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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 $5,000,000,000 in assets as of the effective date of this | ||||||
17 | amendatory Act of the 97th General Assembly .
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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.
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23 | (Source: P.A. 91-555, eff. 1-1-00.)
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24 | Section 99. Effective date. This Act takes effect upon | ||||||
25 | becoming law.
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