Bill Title: 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.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-04-11 - Added as Co-Sponsor Sen. Mike Porfirio [SB3497 Detail]

Text: Latest bill text (Introduced) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Senator Cristina Castro [D]	Primary	Sponsored Bills	SD-022	FollowTheMoney	Ballotpedia	VoteSmart
Senator Mike Porfirio [D]	Cosponsor	Sponsored Bills	SD-011	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL SB3497