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Rep. André M. Thapedi
Filed: 3/12/2009
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09600HB1545ham001 |
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LRB096 05079 HLH 23664 a |
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| AMENDMENT TO HOUSE BILL 1545
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| AMENDMENT NO. ______. Amend House Bill 1545 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Property Tax Code is amended by changing |
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| Section 31-45 as follows:
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| (35 ILCS 200/31-45)
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| Sec. 31-45. Exemptions. The following deeds or trust |
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| documents shall be
exempt from the provisions of this Article |
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| except as provided in this Section:
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| (a) Deeds representing real estate transfers made before |
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| January 1, 1968,
but recorded after that date and trust |
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| documents executed before January 1,
1986, but recorded after |
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| that date.
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| (b) Deeds to or trust documents relating to (1) property |
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| acquired by any
governmental body or from any governmental |
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| body, (2) property or interests
transferred between |
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09600HB1545ham001 |
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LRB096 05079 HLH 23664 a |
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| governmental bodies, or (3) property acquired by or from
any |
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| corporation, society, association, foundation or institution |
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| organized and
operated exclusively for charitable, religious |
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| or educational purposes.
However, deeds or trust documents, |
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| other than those in which the Administrator
of Veterans' |
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| Affairs of the United States is the grantee pursuant to a
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| foreclosure proceeding, shall not be exempt from filing the |
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| declaration.
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| (c) Deeds or trust documents that secure debt or other |
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| obligation.
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| (d) Deeds or trust documents that, without additional |
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| consideration,
confirm, correct, modify, or supplement a deed |
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| or trust document previously
recorded.
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| (e) Deeds or trust documents where the actual consideration |
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| is less than
$100.
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| (f) Tax deeds.
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| (g) Deeds or trust documents that release property that is |
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| security for a
debt or other obligation.
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| (h) Deeds of partition.
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| (i) Deeds or trust documents made pursuant to mergers, |
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| consolidations or
transfers or sales of substantially all of |
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| the assets of corporations under
plans of reorganization under |
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| the Federal Internal Revenue Code or Title 11 of
the Federal |
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| Bankruptcy Act.
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| (j) Deeds or trust documents made by a subsidiary |
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| corporation to its
parent corporation for no consideration |
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09600HB1545ham001 |
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LRB096 05079 HLH 23664 a |
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| other than the cancellation or
surrender of the subsidiary's |
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| stock.
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| (k) Deeds when there is an actual exchange of real estate |
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| and trust
documents when there is an actual exchange of |
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| beneficial interests, except that
that money difference or |
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| money's worth paid from one to the
other is not exempt from the |
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| tax. These deeds or trust documents, however,
shall not be |
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| exempt from filing the declaration.
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| (l) Deeds issued to a holder of a mortgage, as defined in |
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| Section 15-103
of the Code of Civil Procedure, pursuant to a |
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| mortgage foreclosure proceeding
or pursuant to a transfer in |
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| lieu of foreclosure.
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| (m) A deed or trust document related to the purchase of a |
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| principal
residence by a participant in the program authorized |
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| by the Home Ownership
Made Easy Act, except that those deeds |
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| and trust documents shall not be
exempt from filing the |
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| declaration.
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| (Source: P.A. 91-555, eff. 1-1-00.)".
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