Bill > HB2816

This bill amends the Property Owned By Noncitizens Act to significantly restrict foreign nationals from purchasing real estate in Illinois. The bill defines "noncitizen" broadly, including foreign individuals, governments, entities controlled by foreign nationals, and corporations created under foreign laws and substantially owned by foreign nationals. Starting on the effective date, the Governor is required to take actions prohibiting noncitizens from purchasing both public and private real estate in the state. Additionally, the bill mandates that the Commission on Government Forecasting and Accountability submit a comprehensive report within six months, detailing the history of real estate purchases by noncitizens, providing data on the percentage of state real estate owned by noncitizens, and offering recommendations to make property acquisition easier for citizens and more difficult for noncitizens. The provisions of this bill are set to be automatically repealed five years after its effective date, suggesting a temporary measure to address perceived concerns about foreign real estate ownership in Illinois.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2816&GAID=18&DocTypeID=HB&SessionID=114&GA=104