SB3442 - House Illinois Families Act

• Imposes a 10% annual tax on applicable taxpayers for each single-family residence (defined as properties with not more than 4 dwelling units) owned in excess of 25 residences.

• Excludes from the tax mortgage note holders acquiring property through foreclosure, 501(c)(3) nonprofit organizations, organizations primarily engaged in construction or rehabilitation of single-family residences, and owners of federally subsidized housing.

• Requires applicable taxpayers to report residence acquisition and sale dates to the Department of Revenue, with a $50,000 penalty for failure to comply with reporting requirements.

• Mandates that applicable taxpayers give tenants notice of intent to sell and grants tenants a right of first refusal to purchase the property at the same price and terms offered by third parties, with a 45-day submission period and 180 days total to secure financing and close.

• Deposits all collected taxes and penalties into the Illinois Affordable Housing Trust Fund to fund housing programs for justice-involved individuals and provide rental and mortgage assistance.