Illinois General Assembly - Bill Status for SB3442
Illinois General Assembly

  Bills & Resolutions  
  Compiled Statutes  
  Public Acts  
  Legislative Reports  
  IL Constitution  
  Legislative Guide  
  Legislative Glossary  

 Search By Number
 (example: HB0001)
Search Tips

Search By Keyword

 Bill Status of SB3442  103rd General Assembly


Short Description:  HOUSE ILLINOIS FAMILIES ACT

Senate Sponsors
Sen. Willie Preston

Last Action
DateChamber Action
  2/8/2024SenateReferred to Assignments

Statutes Amended In Order of Appearance
New Act
310 ILCS 65/5from Ch. 67 1/2, par. 1255


Synopsis As Introduced
Creates the House Illinois Families Act. Imposes on each applicable taxpayer an annual tax 10% of the property value for each single-family residence that the applicable taxpayer owns in excess of 25 single-family residences. Provides that "applicable taxpayer" means a taxpayer that is not any of the following: (i) a mortgage note holder that owns a single-family residence through foreclosure; (ii) an organization that is described in Section 501(c)(3) of the Internal Revenue Code and exempt from tax under Section 501(a); (iii) an organization primarily engaged in the construction or rehabilitation of single-family residences; or (v) a person who owns federally subsidized housing. Defines "single-family residence" as residential property consisting of not more than 4 dwelling units. Provides that this tax must be deposited into the Illinois Affordable Housing Trust Fund to fund housing programs for justice involved individuals and provide rental and mortgage assistance. Requires an applicable taxpayer to report to the Department of Revenue information about applicable single-family residences. Imposes a penalty of $50,000 for failure to comply with these notice provisions. Provides that the applicable taxpayer must give notice to each tenant of an applicable single-family residence of the taxpayer's intent to sell this residence. Provides the tenant with a right of first refusal in which the tenant has the right to purchase the property to continue to live there as their residence. Creates a process for the tenant to purchase the single-family residence. Amends the Illinois Affordable Housing Act. Allows the Trust Fund in that Act to receive moneys that are designated for deposit into the Trust Fund as provided in the House Illinois Families Act. Makes other changes. Effective immediately.

Actions 
DateChamber Action
  2/8/2024SenateFiled with Secretary by Sen. Willie Preston
  2/8/2024SenateFirst Reading
  2/8/2024SenateReferred to Assignments

Back To Top