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.
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.