Bill Text: IL HB4445 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, on and after January 1, 2021, deeds representing real estate transfers of residential property from a parent to a child are exempt from the real estate transfer tax if the child's household income for the taxable year in which the transfer occurs is less than $50,000 and the property has been the child's principal place of residence for at least 10 consecutive years immediately prior to the date of the transfer. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4445 Detail]

Download: Illinois-2019-HB4445-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4445 Introduced , by Rep. Eva Dina Delgado SYNOPSIS AS INTRODUCED:
35 ILCS 200/31-45
Amends the Property Tax Code. Provides that, on and after January 1, 2021, deeds representing real estate transfers of residential property from a parent to a child are exempt from the real estate transfer tax if the child's household income for the taxable year in which the transfer occurs is less than $50,000 and the property has been the child's principal place of residence for at least 10 consecutive years immediately prior to the date of the transfer. Effective immediately.
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FISCAL NOTE ACT MAY APPLY HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 31-45 as follows:
(35 ILCS 200/31-45)
Sec. 31-45. Exemptions. The following deeds or trust
documents shall be exempt from the provisions of this Article
except as provided in this Section:
(a) Deeds representing real estate transfers made
before January 1, 1968, but recorded after that date and
trust documents executed before January 1, 1986, but
recorded after that date.
(b) Deeds to or trust documents relating to (1)
property acquired by any governmental body or from any
governmental body, (2) property or interests transferred
between governmental bodies, or (3) property acquired by or
from any corporation, society, association, foundation or
institution organized and operated exclusively for
charitable, religious or educational purposes. However,
deeds or trust documents, other than those in which the
Administrator of Veterans Affairs of the United States is
the grantee pursuant to a foreclosure proceeding, shall not

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be exempt from filing the declaration.
(c) Deeds or trust documents that secure debt or other
obligation.
(d) Deeds or trust documents that, without additional
consideration, confirm, correct, modify, or supplement a
deed or trust document previously recorded.
(e) Deeds or trust documents where the actual
consideration is less than $100.
(f) Tax deeds.
(g) Deeds or trust documents that release property that
is security for a debt or other obligation.
(h) Deeds of partition.
(i) Deeds or trust documents made pursuant to mergers,
consolidations or transfers or sales of substantially all
of the assets of corporations under plans of reorganization
under the Federal Internal Revenue Code or Title 11 of the
Federal Bankruptcy Act.
(j) Deeds or trust documents made by a subsidiary
corporation to its parent corporation for no consideration
other than the cancellation or surrender of the
subsidiary's stock.
(k) Deeds when there is an actual exchange of real
estate and trust documents when there is an actual exchange
of beneficial interests, except that that money difference
or money's worth paid from one to the other is not exempt
from the tax. These deeds or trust documents, however,

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shall not be exempt from filing the declaration.
(l) Deeds issued to a holder of a mortgage, as defined
in Section 15-103 of the Code of Civil Procedure, pursuant
to a mortgage foreclosure proceeding or pursuant to a
transfer in lieu of foreclosure.
(m) A deed or trust document related to the purchase of
a principal residence by a participant in the program
authorized by the Home Ownership Made Easy Act, except that
those deeds and trust documents shall not be exempt from
filing the declaration.
(n) On and after January 1, 2021, deeds representing
real estate transfers of residential property from a parent
to a child if the child's household income for the taxable
year in which the transfer occurs is less than $50,000 and
the property has been the child's principal place of
residence for at least 10 consecutive years immediately
prior to the date of the transfer. As used in this
paragraph (n), "household income" means the combined
income of the child, the child's spouse, and all persons
using the property as their principal place of residence.
(Source: P.A. 100-201, eff. 8-18-17.)
Section 99. Effective date. This Act takes effect upon
becoming law.