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Rep. Esther Golar
Filed: 3/10/2011
| | 09700HB3199ham001 | | LRB097 09556 HLH 52128 a |
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| 1 | | AMENDMENT TO HOUSE BILL 3199
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| 2 | | AMENDMENT NO. ______. Amend House Bill 3199 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 31-45 as follows:
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| 6 | | (35 ILCS 200/31-45)
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| 7 | | Sec. 31-45. Exemptions. The following deeds or trust |
| 8 | | documents shall be
exempt from the provisions of this Article |
| 9 | | except as provided in this Section:
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| 10 | | (a) Deeds representing real estate transfers made before |
| 11 | | January 1, 1968,
but recorded after that date and trust |
| 12 | | documents executed before January 1,
1986, but recorded after |
| 13 | | that date.
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| 14 | | (b) Deeds to or trust documents relating to (1) property |
| 15 | | acquired by any
governmental body or from any governmental |
| 16 | | body, (2) property or interests
transferred between |
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| 1 | | governmental bodies, or (3) property acquired by or from
any |
| 2 | | corporation, society, association, foundation or institution |
| 3 | | organized and
operated exclusively for charitable, religious |
| 4 | | or educational purposes.
However, deeds or trust documents, |
| 5 | | other than those in which the Administrator
of Veterans' |
| 6 | | Affairs of the United States is the grantee pursuant to a
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| 7 | | foreclosure proceeding, shall not be exempt from filing the |
| 8 | | declaration.
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| 9 | | (c) Deeds or trust documents that secure debt or other |
| 10 | | obligation.
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| 11 | | (d) Deeds or trust documents that, without additional |
| 12 | | consideration,
confirm, correct, modify, or supplement a deed |
| 13 | | or trust document previously
recorded.
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| 14 | | (e) Deeds or trust documents where the actual consideration |
| 15 | | is less than
$100.
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| 16 | | (f) Tax deeds.
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| 17 | | (g) (Blank). Deeds or trust documents that release property |
| 18 | | that is security for a
debt or other obligation.
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| 19 | | (h) Deeds of partition.
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| 20 | | (i) Deeds or trust documents made pursuant to mergers, |
| 21 | | consolidations or
transfers or sales of substantially all of |
| 22 | | the assets of corporations under
plans of reorganization under |
| 23 | | the Federal Internal Revenue Code or Title 11 of
the Federal |
| 24 | | Bankruptcy Act.
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| 25 | | (j) Deeds or trust documents made by a subsidiary |
| 26 | | corporation to its
parent corporation for no consideration |
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| 1 | | other than the cancellation or
surrender of the subsidiary's |
| 2 | | stock.
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| 3 | | (k) Deeds when there is an actual exchange of real estate |
| 4 | | and trust
documents when there is an actual exchange of |
| 5 | | beneficial interests, except that
that money difference or |
| 6 | | money's worth paid from one to the
other is not exempt from the |
| 7 | | tax. These deeds or trust documents, however,
shall not be |
| 8 | | exempt from filing the declaration.
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| 9 | | (l) (Blank). Deeds issued to a holder of a mortgage, as |
| 10 | | defined in Section 15-103
of the Code of Civil Procedure, |
| 11 | | pursuant to a mortgage foreclosure proceeding
or pursuant to a |
| 12 | | transfer in lieu of foreclosure.
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| 13 | | (m) A deed or trust document related to the purchase of a |
| 14 | | principal
residence by a participant in the program authorized |
| 15 | | by the Home Ownership
Made Easy Act, except that those deeds |
| 16 | | and trust documents shall not be
exempt from filing the |
| 17 | | declaration.
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| 18 | | (Source: P.A. 91-555, eff. 1-1-00.)".
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