state_legiscan_drain · IL
HOME BUYER SAVINGS ACCOUNT ACT
January 17, 2025
Summary
If enacted, this bill would create a new savings account program in Illinois for first-time and second-chance home buyers. The accounts, designated by financial institutions, allow contributions of cash and marketable securities to be used only for eligible costs of purchasing a single-family residence in Illinois. The bill provides for tax deductions on contributions and penalties for non-qualified withdrawals.
AI-generated summary · Jun 8, 2026. Verify with your compliance counsel before acting.
How this was generated
We record the exact prompt, model, and output for every AI response so it can be audited for accuracy.
Source: https://www.ilga.gov/Legislation/BillStatus?DocNum=148&GAID=18&DocTypeID=SB&SessionID=114&GA=104
Common questions
- What does "HOME BUYER SAVINGS ACCOUNT ACT" cover?
- If enacted, this bill would create a new savings account program in Illinois for first-time and second-chance home buyers. The accounts, designated by…
- When was it published?
- It was published on January 17, 2025.