IL SB2924 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 26 2024 - 25% progression
Action: 2024-01-26 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Family Home Ownership Act. Imposes a tax on certain partnerships, corporations, limited liability companies, or real estate investment trusts that purchase single-family residences. Provides that the amount of the tax is equal to 100% of the fair market value of the residence. Provides that the proceeds of the tax shall be deposited into the Illinois Affordable Housing Trust Fund for the purpose of providing rental and mortgage payment assistance. Requires hedge funds and other applicable taxpayers to reduce the number of single-family residences owned by the hedge fund over a 10-year period. Provides that, 10 years after the effective date of the Act, hedge funds may not own any applicable single-family residences. Provides that, 10 years after the effective date of the Act, applicable taxpayers other than hedge funds may not own more than 50 applicable single-family residences. Amends the Illinois Affordable Housing Act to make confirming changes. Effective immediately.

Tracking Information

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Title

FAMILY HOME OWNERSHIP ACT

Sponsors


History

DateChamberAction
2024-01-26SenateReferred to Assignments
2024-01-26SenateFirst Reading
2024-01-26SenateFiled with Secretary by Sen. Laura Ellman

Code Citations

ChapterArticleSectionCitation TypeStatute Text
310655Amended CodeCitation Text

Illinois State Sources


Bill Comments

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