House Illinois Families Act imposes a tax on taxpayers owning more than 25 single-family residences and establishes a right of first refusal for.

The House Illinois Families Act imposes an annual tax of 10% on the property value of each single-family residence owned by a taxpayer, beyond the first 25 residences. The tax revenue is directed to the Illinois Affordable Housing Trust Fund for housing programs and rental assistance. The Act also grants tenants a right of first refusal to purchase their residence if the owner intends to sell, provided the tenants meet specific conditions. Failure to comply with the notice and reporting requirements results in a $50,000 penalty.

House Illinois Families Act imposes a tax on taxpayers owning more than 25 single-family residences and establishes a right of first refusal for.

The House Illinois Families Act imposes an annual tax of 10% on the property value of each single-family residence owned by a taxpayer, beyond the first 25 residences. The tax revenue is directed to the Illinois Affordable Housing Trust Fund for housing programs and rental assistance. The Act also grants tenants a right of first refusal to purchase their residence if the owner intends to sell, provided the tenants meet specific conditions. Failure to comply with the notice and reporting requirements results in a $50,000 penalty.