SB3150sam002 101ST GENERAL ASSEMBLY

Sen. Jason A. Barickman

Filed: 3/2/2020

10100SB3150sam002 LRB101 16074 LNS 71043 a

AMENDMENT TO SENATE BILL 3150

AMENDMENT NO. ______. Amend Senate Bill 3150 by replacing line 24 on page 2 through line 12 on page 3 with the following:

""Residential real estate" means real property improved with not less than one nor more than 4 residential dwelling units; a residential condominium unit, including but not limited to the common elements allocated to the exclusive use thereof that form an integral part of the condominium unit and any parking unit or units specified by the declaration to be allocated to a specific residential condominium unit; or a single tract of agriculture real estate consisting of 40 acres or less which is improved with a single family residence. If a declaration of condominium ownership provides for individually owned and transferable parking units, "residential real estate" does not include the parking unit of a specific residential condominium unit unless the parking unit is included in the legal description of the property being transferred by a transfer on death instrument."; and

on page 3, by replacing lines 17 through 23 with the following:

"(755 ILCS 27/10)

Sec. 10. Applicability. This Act applies to only to the following:

(1) A a transfer of residential real estate as defined in this Act by means of a transfer on death instrument made before, on, or after January 1, 2012 the effective date of this Act, by an owner dying on or after January 1, 2012 the effective date of this Act.

(2) A transfer of real property by means of a transfer on death instrument made before, on, or after the effective date of this amendatory Act of the 101st General Assembly by an owner dying on or after the effective date of this amendatory Act of the 101st General Assembly.

(Source: P.A. 97-555, eff. 1-1-12.)".