Bill Status of SB 148   104th General Assembly

Short Description:  HOME BUYER SAVINGS ACCOUNT ACT

Senate Sponsors
Sen. Cristina Castro, Andrew S. Chesney, Laura M. Murphy, Chris Balkema, Paul Faraci and Mike Porfirio

Last Action  View All Actions

DateChamber Action
  6/2/2025SenateRule 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 
DateChamber Action
  1/17/2025SenateFiled with Secretary by Sen. Cristina Castro
  1/17/2025SenateFirst Reading
  1/17/2025SenateReferred to Assignments
  1/28/2025SenateAssigned to Revenue
  2/13/2025SenateAdded as Co-Sponsor Sen. Andrew S. Chesney
  3/20/2025SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  3/21/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
  4/11/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
  4/30/2025SenateAdded as Co-Sponsor Sen. Chris Balkema
  4/30/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
  4/30/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio
  5/9/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
  5/23/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
  6/2/2025SenateRule 3-9(a) / Re-referred to Assignments

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