Amends the High Risk Home Loan Act. Provides that "high risk home loan" does not include a loan for reverse mortgage financing of residential real estate, including under programs regulated by the Federal Housing Administration (FHA).
Amends the High Risk Home Loan Act. Provides that the term "points and fees" does not include fees paid to the United States Department of Veterans Affairs required by law, fees paid to the Federal Housing Administration required by law, or fees paid to the United States Department of Agriculture's Rural Development Loan Program required by law.
Amends the General Assembly Organization Act. Makes a technical change in a Section concerning the deposit of books, bills, documents, and papers with the Secretary of State.
Creates the Emerging Technology Industries Act. Requires the Department of Commerce and Economic Opportunity to establish and maintain a program to award grants to emerging-technology enterprises in the State. Sets forth eligibility requirements and funding priorities for awarding the grants, and sets forth procedures for awarding the grants. Requires written contracts in which the emerging-technology enterprise guarantees that it will perform the actions expected to be performed. Sets dollar limits on matching funds for federal Small Business Innovative Research (SBIR) grants and total grant matching funds per year. Limits total credits to $15,000,000 in any one State fiscal year. Amends the State Finance Act to create the Emerging Technology Grant Fund. Amends the Illinois Income Tax Act. Creates an income tax credit for qualified investors who make an investment in an emerging technology enterprise in the State. Provides that the Department of Commerce and Economic Opportunity must certify the amount of the credit and sets forth the procedures for the application and certification of the credit. Sets forth provisions for the revocation and recapture of the tax credit. Contains other provisions. Effective immediately.
Amends the Property Tax Code. Provides that, in Cook County, homestead property must be valued at 100% of its fair cash value. Requires the Cook County Clerk to abate the property taxes levied on homestead property in an amount equal to: (1) the amount of the aggregate extension of all taxing districts against the property; less (2) an amount equal to 1% of the equalized assessed value of the property. Sets forth procedures to apply this abatement to the aggregate extensions of each taxing district. Creates the Cook County general homestead exemption to limit the assessment increases of homestead property to the lesser of: (i) 2%; or (ii) the increase in the CPI. Sets forth the taxable years in which this general homestead exemption applies. Amends the State aid provisions of the School Code to provide that, if the general homestead exemption is determined under the Cook County general homestead exemption provisions, then the available local resources are not effected. In provisions concerning the Property Tax Extension Limitation Law in the Property Tax Code, defines "extension limitation", for the 2009 taxable year and thereafter, as (a) the lesser of 2% (now, 5%) or the percentage increase in the Consumer Price Index during the 12-month calendar year preceding the levy year or (b) the rate of increase approved by voters. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Election Code. Makes a technical change in a Section of the campaign finance Article concerning definitions.
Amends the Property Tax Code. Provides that, in counties with 3,000,000 or more inhabitants, the alternative general homestead exemption applies for assessment years (i) 2003 through 2011 if the general assessment year for the property is 2003, (ii) 2004 through 2012 if the general assessment year for the property is 2004, and (iii) 2005 through 2013 if the general assessment year for the property is 2005. Provides that, in counties with less than 3,000,000 inhabitants, the alternative general homestead exemption applies for assessment years (i) 2006 through 2012 if tax year 2005 is the designated base year and (ii) 2007 through 2013 if tax year 2006 is the designated base year. Effective immediately.
Amends the Property Tax Code. Requires that, in counties with 3,000,000 or more inhabitants, on or before October 1, 2009, the county assessor shall reassess all residential property in the county for which 2009 is not the general assessment year. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.
Amends the Trusts and Trustees Act. Makes a technical change in a Section concerning a trustee's powers.
Amends the Tax Increment Allocation Redevelopment Act in the Illinois Municipal Code. Makes a technical change in a Section concerning the short title.
