Full Text of HB3199 97th General Assembly
HB3199ham002 97TH GENERAL ASSEMBLY | Rep. Esther Golar Filed: 4/13/2011
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| 1 | | AMENDMENT TO HOUSE BILL 3199
| 2 | | AMENDMENT NO. ______. Amend House Bill 3199, AS AMENDED, by | 3 | | replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 5. The Property Tax Code is amended by changing | 6 | | Sections 31-35 and 31-45 as follows:
| 7 | | (35 ILCS 200/31-35)
| 8 | | Sec. 31-35. Deposit of tax revenue.
| 9 | | (a) Beginning on the effective date of this amendatory Act | 10 | | of the 92nd
General
Assembly and through June 30, 2003,
of the | 11 | | moneys
collected under Section 31-15, 50% shall be deposited
| 12 | | into the Illinois Affordable Housing Trust Fund, 20% into the | 13 | | Open
Space Lands Acquisition and Development Fund, 5% into the
| 14 | | Natural Areas Acquisition Fund, and 25% into the General | 15 | | Revenue Fund.
| 16 | | (b) Except as provided in subsection (c), beginning |
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| 1 | | Beginning July 1, 2003, of the moneys collected under Section | 2 | | 31-15,
50% shall be deposited into the Illinois Affordable | 3 | | Housing Trust Fund, 35%
into the Open Space Lands Acquisition | 4 | | and Development Fund, and 15% into the
Natural Areas | 5 | | Acquisition Fund.
| 6 | | (c) Beginning July 1, 2011, of the moneys collected under | 7 | | Section 31-15 from (i) deeds or trust documents that release | 8 | | property that is security for a
debt or other obligation and | 9 | | (ii) 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, 50% shall be deposited into the Abandoned | 13 | | Residential Property Municipality Relief Fund, 35% shall be | 14 | | deposited into the Open Space Lands Acquisition and Development | 15 | | Fund, and 15% shall be deposited into the Natural Areas | 16 | | Acquisition Fund. | 17 | | (Source: P.A. 91-555, eff. 1-1-00; 92-536, eff. 6-6-02; 92-874, | 18 | | eff. 7-1-03.)
| 19 | | (35 ILCS 200/31-45)
| 20 | | Sec. 31-45. Exemptions. The following deeds or trust | 21 | | documents shall be
exempt from the provisions of this Article | 22 | | except as provided in this Section:
| 23 | | (a) Deeds representing real estate transfers made before | 24 | | January 1, 1968,
but recorded after that date and trust | 25 | | documents executed before January 1,
1986, but recorded after |
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| 1 | | that date.
| 2 | | (b) Deeds to or trust documents relating to (1) property | 3 | | acquired by any
governmental body or from any governmental | 4 | | body, (2) property or interests
transferred between | 5 | | governmental bodies, or (3) property acquired by or from
any | 6 | | corporation, society, association, foundation or institution | 7 | | organized and
operated exclusively for charitable, religious | 8 | | or educational purposes.
However, deeds or trust documents, | 9 | | other than those in which the Administrator
of Veterans' | 10 | | Affairs of the United States is the grantee pursuant to a
| 11 | | foreclosure proceeding, shall not be exempt from filing the | 12 | | declaration.
| 13 | | (c) Deeds or trust documents that secure debt or other | 14 | | obligation.
| 15 | | (d) Deeds or trust documents that, without additional | 16 | | consideration,
confirm, correct, modify, or supplement a deed | 17 | | or trust document previously
recorded.
| 18 | | (e) Deeds or trust documents where the actual consideration | 19 | | is less than
$100.
| 20 | | (f) Tax deeds.
| 21 | | (g) Until the effective date of this amendatory Act of the | 22 | | 97th General Assembly and beginning again on July 1, 2016, | 23 | | deeds Deeds or trust documents that release property that is | 24 | | security for a
debt or other obligation.
| 25 | | (h) Deeds of partition.
| 26 | | (i) Deeds or trust documents made pursuant to mergers, |
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| 1 | | consolidations or
transfers or sales of substantially all of | 2 | | the assets of corporations under
plans of reorganization under | 3 | | the Federal Internal Revenue Code or Title 11 of
the Federal | 4 | | Bankruptcy Act.
| 5 | | (j) Deeds or trust documents made by a subsidiary | 6 | | corporation to its
parent corporation for no consideration | 7 | | other than the cancellation or
surrender of the subsidiary's | 8 | | stock.
| 9 | | (k) Deeds when there is an actual exchange of real estate | 10 | | and trust
documents when there is an actual exchange of | 11 | | beneficial interests, except that
that money difference or | 12 | | money's worth paid from one to the
other is not exempt from the | 13 | | tax. These deeds or trust documents, however,
shall not be | 14 | | exempt from filing the declaration.
| 15 | | (l) Until the effective date of this amendatory Act of the | 16 | | 97th General Assembly and beginning again on July 1, 2016, | 17 | | deeds Deeds issued to a holder of a mortgage, as defined in | 18 | | Section 15-103
of the Code of Civil Procedure, pursuant to a | 19 | | mortgage foreclosure proceeding
or pursuant to a transfer in | 20 | | lieu of foreclosure , except that those deeds shall remain | 21 | | exempt for the period prior to July 1, 2016 if the holder (i) | 22 | | originated the mortgage in question, (ii) did not originate | 23 | | more than 10,000 mortgage loans in 2007, and (iii) had less | 24 | | than $5,000,000,000 in assets as of the effective date of this | 25 | | amendatory Act of the 97th General Assembly .
| 26 | | (m) A deed or trust document related to the purchase of a |
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| 1 | | principal
residence by a participant in the program authorized | 2 | | by the Home Ownership
Made Easy Act, except that those deeds | 3 | | and trust documents shall not be
exempt from filing the | 4 | | declaration.
| 5 | | (Source: P.A. 91-555, eff. 1-1-00.)
| 6 | | Section 99. Effective date. This Act takes effect upon | 7 | | becoming law.".
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