Illinois House Bill 4645 (Prior Session Legislation)

---

Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the State Treasurer Act. Authorizes the State Treasurer to establish and administer a Home Savings Pool to supplement and enhance investment opportunities otherwise available to first-time homebuyers. Provides that participants in the Pool are required to use moneys distributed from the Pool for qualified expenditures incident to the purchase of a primary residence by a first-time homebuyer. Contains penalty provisions. Sets forth the duties of the State Treasurer with respect to the Home Savings Pool. Amends the Illinois Income Tax Act. Creates a deduction for individual taxpayers equal to the amount contributed by the taxpayer to a Home Savings Pool account during the taxable year, but not to exceed $20,000 per taxable year. Effective immediately.

TREASURER-HOME SAVINGS POOL

Rep. Darlene Senger [R]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-02-01	House	Referred to Rules Committee
2012-02-01	House	First Reading
2012-02-01	House	Filed with the Clerk by Rep. Darlene J. Senger

Chapter	Article	Section	Citation Type	Statute Text
15	505	17.10	New Code	See Bill Text
35	5	203	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4645&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB4645.htm