Date	Chamber	Action
1/28/2025	Senate	Assigned to Revenue

Statutes Amended In Order of Appearance

New Act

Synopsis As Introduced
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.

Actions 

Date	Chamber	Action
1/17/2025	Senate	Filed with Secretary by Sen. Cristina Castro
1/17/2025	Senate	First Reading
1/17/2025	Senate	Referred to Assignments
1/28/2025	Senate	Assigned to Revenue

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