Bill Status of SB0148

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SB0148 - 104th General Assembly

HOME BUYER SAVINGS ACCOUNT ACT
Last Action
6/02/2025 - Senate: Rule 3-9(a) / Re-referred to Assignments
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
2/13/2025 Senate Added as Co-Sponsor Sen. Andrew S. Chesney
3/20/2025 Senate Added as Co-Sponsor Sen. Laura M. Murphy
3/21/2025 Senate Rule 2-10 Committee Deadline Established As April 11, 2025
4/11/2025 Senate Rule 2-10 Committee Deadline Established As May 9, 2025
4/30/2025 Senate Added as Co-Sponsor Sen. Chris Balkema
4/30/2025 Senate Added as Co-Sponsor Sen. Paul Faraci
4/30/2025 Senate Added as Co-Sponsor Sen. Mike Porfirio
5/09/2025 Senate Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
5/23/2025 Senate Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
6/02/2025 Senate Rule 3-9(a) / Re-referred to Assignments