IL SB3497 | 2023-2024 | 103rd General Assembly

Status

Completed Legislative Action
Spectrum: Partisan Bill (Democrat 3-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Creates the Illinois Home Buyer Savings Accounts Act. Provides that a first-time and second-chance home buyer may open an account with a financial institution designated in its entirety by the financial institution as a first-time and second-chance home buyer savings account. Provides that the funds in a first-time and second-chance home buyer savings account may be used only to pay a first-time and second-chance home buyer's eligible costs for the purchase of a single-family residence in Illinois. Provides that 2 first-time and second-chance home buyers may jointly own a first-time and second-chance home buyer savings account. Provides that only cash and marketable securities may be contributed to a first-time and second-chance home buyer savings account. Sets forth provisions concerning the responsibilities of an account holder; the responsibilities of financial institutions; deduction of contributions, exclusion of earnings, and limitations; the penalty for withdrawal for purpose other than eligible costs; and the forms the Department of Revenue must adopt.

Tracking Information

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Title

HOME BUYER SAVINGS ACCOUNT ACT

Sponsors


History

DateChamberAction
2025-01-07SenateSession Sine Die
2024-09-12SenateAdded as Chief Co-Sponsor Sen. David Koehler
2024-04-11SenateAdded as Co-Sponsor Sen. Mike Porfirio
2024-03-15SenateRule 3-9(a) / Re-referred to Assignments
2024-02-28SenateAssigned to Revenue
2024-02-09SenateReferred to Assignments
2024-02-09SenateFirst Reading
2024-02-09SenateFiled with Secretary by Sen. Cristina Castro

Illinois State Sources


Bill Comments

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