Laws & Taxes

Laws & Taxes

State Invests Federal Tax Credits to Boost Affordable Housing Construction

CHICAGO - October 23, 2012 - (RealEstateRama) -- Nearly 700 affordable rental apartments will be built across Illinois, increasing housing opportunities for working families, seniors and people with special needs and disabilities, thanks to the allocation of federal tax credits approved by the Illinois Housing Development Authority (IHDA) board.

Quinn Administration Releases Study: Without Pension Reform, Illinois Will Spend More on Pensions than...

CHICAGO, IL - August 6, 2012 - (RealEstateRama) -- Governor Quinn released data today prepared by the Illinois Office of Management & Budget (OMB) that shows without comprehensive pension reform, Illinois will spend more on pensions than education by Fiscal Year 2016. The budget office performed the district-by-district analysis based on current projections to examine the long-term funding challenges of the state if comprehensive pension reform is not enacted. The analysis was released just days after Governor Quinn called a special session dedicated to pension reform on August 17.

Governor Quinn Signs New Consumer Protection Laws

CHICAGO, IL - July 25, 2012 - (RealEstateRama) -- Governor Pat Quinn continued his long history of fighting for consumers today by signing two new laws to help Illinois residents avoid risky home loans and protect those who are in debt from being unfairly sent to jail. The new laws increase protections for families from High Risk Home Loans and Refund Anticipation Loans and also establish stringent new guidelines before a borrower can be sent to jail following non-payment of debt

Governor Quinn Signs Law to Increase Hiring of Veterans and Grow Jobs in Illinois

CHICAGO, IL - July 9, 2012 - (RealEstateRama) -- Governor Pat Quinn today signed a new law that will help more Illinois Veterans find employment following their service to our country, an important measure he proposed during his State of the State address in February.

Seniors Urged to Apply for Circuit Breaker Grant by June 30; Program ends July...

SPRINGFIELD - June 25, 2012 - (RealEstateRama) -- Illinois Department on Aging Director John K. Holton, Ph.D., is reminding Illinois seniors about their last chance to get approved for Circuit Breaker property tax grants before the program ends July 1. The Circuit Breaker program provides grants to eligible seniors and persons with disabilities to help them reduce the costs of property taxes, license plate renewals and rides on public transit. After June 30, property tax grants will no longer be available. The General Assembly did not appropriate funds for Circuit Break property tax grants for fiscal year 2013.

New Law to Help Renters Learn More About Radon Levels in Their Homes

PRINGFIELD, IL - December 30, 2011 - (RealEstateRama) -- A new law set to go into effect on Jan. 1, 2012, will help people who rent apartments, condominiums or houses access information about radon levels in their homes. The Illinois Emergency Management Agency’s (IEMA) radon program is offering guidance to help renters better understand radon hazards and their rights under this new law.

Metro-East Woman Sentenced on Mortgage Loan Fraud and Tax Fraud Offenses

December 15, 2011 - (RealEstateRama) -- A metro-east resident was sentenced yesterday, December 13, 2011, in the United States District Court in East St. Louis, for participating in a conspiracy to defraud the United States and evade the payment of federal income taxes and for making false statements on a mortgage loan application, the United States Attorney for the Southern District of Illinois, Stephen R. Wigginton, announced today. Belinda Cheri McKinney, 43, was sentenced to 37 months’ imprisonment.

Governor Quinn Announces New Home Financing Package for Illinois Veterans and Military Families

CHICAGO, IL - December 15, 2011 - (RealEstateRama) -- December 14, 2011. Governor Pat Quinn today launched the Welcome Home Heroes program to promote homeownership for Illinois Veterans, active military personnel, reservists and Illinois National Guard members. The financing package is available statewide, and provides a forgivable grant up to $10,000 toward the purchase of a new home, as well as an additional mortgage tax credit up to $20,000 over the life of the loan. Welcome Home Heroes will make homeownership even more affordable for thousands of military families and create more than 400 jobs throughout Illinois.

Emily A. Fox Joins Pircher, Nichols & Meeks as Litigation Associate

Torrance, CA - August 31, 2011 - (RealEstateRama) -- Emily A. Fox has joined national real estate law firm Pircher, Nichols & Meeks as a litigation associate in its Chicago office. In her new position, she will focus on commercial real estate litigation, including foreclosures and mechanic’s lien claims.

New Law Gives More Rights to Property Owners

SPRINGFIELD, IL - August 30, 2011 - (RealEstateRama) -- A new law signed this week by Governor Pat Quinn allows Illinois landowners or lessees the option of using purple paint markings on trees or posts on their property as a “no trespassing” notice. The “Purple Paint Law” is designed as an alternative which Illinois landowners can use to protect their property from trespassing.

Illinois 2Q11 Housing Market Reflects Last Year’s Final Tax Credit Push

SPRINGFIELD, IL - August 10, 2011 - (RealEstateRama) -- According to the Illinois Association of REALTORS® (IAR) second quarter 2011 report, Illinois home sales (which include single-family homes and condominiums) totaled 29,316 in the second quarter, down 18.0 percent from 35,746 home sales in the same period a year ago while 2010 sales were up significantly by 28.2 percent from 2009 sales of 27,890. The second quarter statewide median home sale price was $142,000, down 11.3 percent from $160,000 in the second quarter of 2010. The median is a typical market price where half the homes sold for more, half sold for less.

Manzullo Unveils Legislation to Ensure Housing Collapse “Ringleaders” Pay Back Losses to Taxpayers

Washington, DC - May 16, 2011 - (RealEstateRama) -- Congressman Don Manzullo (R-Egan) has unveiled legislation to require Fannie Mae and Freddie Mac to continue paying annual dividends back to the US Treasury to ensure the “ringleaders” of the housing crisis keep paying off their debt to American taxpayers.

Quigley, Walz, Peters Introduce Bill to End Subsidies for Luxury Yachts

WASHINGTON, DC - May 3, 2011 - (RealEstateRama) -- Today, U.S. Representative Mike Quigley (IL-05), along with Reps. Tim Walz (MN-1) and Gary Peters (MI-9), introduced legislation to eliminate taxpayer subsidies for yachts. The Ending Taxpayer Subsidies for Yachts Act will amend a tax provision that allows boat owners to write off their mortgage interest payments if they classify their boats as second homes.

Springfield Real Estate Agent Pleads Guilty to Concealing Assets in a Bankruptcy Proceeding and...

SPRINGFIELD, IL - March 17, 2011 - (RealEstateRama) -- A Springfield, Illinois real estate agent, Darlene M. Adkins, 65, today entered pleas of guilty to concealing assets in a bankruptcy proceeding and making a false statement to a bank, as announced by Jim Lewis, U.S. Attorney for the Central District of Illinois. Sentencing is scheduled for July 18, 2011

Homebuyer Tax Credit Extension for U.S. Service Members Expires April 30

Springfield, IL - February 16, 2011 - (RealEstateRama) -- U.S military personnel and certain other federal employees serving overseas must act quickly if they plan to take advantage of the federal tax credit of up to $8,000 for first-time buyers and $6,500 for long-time homeowners that expires on April 30, 2011. Members of the U.S. military, foreign serviceand intelligence communities were given an extra year to claim the tax credit, which expired in 2010 for all other homebuyers.“The tax credit has been a great incentive for new and repeat homebuyers and U.S. service members have but a short window to claim it before it is gone. At a time when affordable home prices have never been better, U.S. service members can get even more homebuying power with a sizable tax credit that they don’t have to pay back,” said REALTOR® Sheryl Grider Whitehurst, ABR,CRB,GRI, president of the Illinois Association of REALTORS® and the Development and Operations Coordinator for Traders Realty in Peoria.

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Investigation by CHA and HUD Inspectors General ends with guilty plea...

The Chicago Housing Authority will receive restitution for money stolen by a former contractor and her husband after the pair pleaded guilty to stealing funds intended for the Housing Choice Voucher (HCV) program, a crime that was exposed following an investigation by the CHA’s Office of the Inspector General.

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BOST RALLIES CONGRESSIONAL LEADERS TO DEMAND ACTION ON ALEXANDER COUNTY’S HOUSING...

U.S. Representative Mike Bost (IL-12) led a push in Congress Friday for answers regarding alleged corruption at the Alexander County Housing Authority, the same day as the House approved an amendment Bost introduced to help ease the transition of Cairo residents and other Americans who have been displaced from a public housing authority to a new location.

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Quigley Fights to Expand Affordable Housing and Protect Vital Infrastructure Investments

Today, U.S. Representative Mike Quigley (IL-05) fought to expand federal housing assistance and protect funding and eligibility for vital infrastructure programs that improve the economy and support local communities, including projects in Chicago and Cook County. His efforts come as the House Appropriations Committee considers the FY15 Transportation, Housing and Urban Development (THUD) Appropriations bill Fisher Investments Jay Carlson