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]
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.
Title
HOME BUYER SAVINGS ACCOUNT ACT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2025-01-07 | Senate | Session Sine Die |
2024-09-12 | Senate | Added as Chief Co-Sponsor Sen. David Koehler |
2024-04-11 | Senate | Added as Co-Sponsor Sen. Mike Porfirio |
2024-03-15 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2024-02-28 | Senate | Assigned to Revenue |
2024-02-09 | Senate | Referred to Assignments |
2024-02-09 | Senate | First Reading |
2024-02-09 | Senate | Filed with Secretary by Sen. Cristina Castro |
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3497&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/SB/10300SB3497.htm |