Illinois General Assembly - Bill Status for SB2924
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 SB2924  103rd General Assembly


Senate Sponsors
Sen. Laura Ellman

Last Action
DateChamber Action
  1/26/2024SenateReferred 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 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. Effective immediately.

DateChamber Action
  1/26/2024SenateFiled with Secretary by Sen. Laura Ellman
  1/26/2024SenateFirst Reading
  1/26/2024SenateReferred to Assignments

Back To Top