IL HB5503 | 2017-2018 | 100th General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2019 - 100% progression
Action: 2019-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Illinois First-Time Homebuyer Savings Account Act. Provides that first-time homebuyers may open a first-time homebuyer savings account to pay or reimburse costs in connection with a qualified home purchase. Provides that the account holder shall not use any funds in a first-time homebuyer savings account to pay expenses of administering the account except for fees and charges assessed by the financial institution. Provides for reporting to the Department of Revenue. Defines terms. Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an annual credit for amounts deposited by the taxpayer into a first-time homebuyer savings account of up to $2,000 for individual taxpayers, and up to $4,000 for married taxpayers. Provides a maximum lifetime credit of 10 times the taxpayer's annual maximum deduction. Provides that beginning January 1, 2020, the Department shall adjust, every year, the maximum tax credits available to a first-time homebuyer savings account holder for inflation.
Title
FIRST-TIME HOMEBUYER SAVINGS
Sponsors
History
Date | Chamber | Action |
---|---|---|
2019-01-08 | House | Session Sine Die |
2018-04-13 | House | Rule 19(a) / Re-referred to Rules Committee |
2018-04-12 | House | To Income Tax Subcommittee |
2018-03-05 | House | Assigned to Revenue & Finance Committee |
2018-02-16 | House | Referred to Rules Committee |
2018-02-16 | House | First Reading |
2018-02-16 | House | Filed with the Clerk by Rep. Tony McCombie |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5503&GAID=14&DocTypeID=HB&SessionID=91&GA=100 |
Text | https://www.ilga.gov/legislation/100/HB/10000HB5503.htm |