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 3-0)

Status: (Introduced) 2024-09-12 - Added as Chief Co-Sponsor Sen. David Koehler [SB3497 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2024-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois SB3497

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB3497 currently on file.

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