Illinois House Bill 1655 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on February 1 2019 - 25% progression, died in committee
Action: 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

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.

FIRST-TIME HOMEBUYER SAVINGS

Rep. Tony McCombie [R]

Sen. Michael Halpin [D]

Date	Chamber	Action
2019-03-29	House	Rule 19(a) / Re-referred to Rules Committee
2019-02-28	House	To Income Tax Subcommittee
2019-02-21	House	Added Co-Sponsor Rep. Michael Halpin
2019-02-13	House	Assigned to Revenue & Finance Committee
2019-02-04	House	Referred to Rules Committee
2019-02-04	House	First Reading
2019-02-01	House	Filed with the Clerk by Rep. Tony McCombie

Chapter	Article	Section	Citation Type	Statute Text
35	5	229	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1655&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB1655.htm