SB0148 - 104th General Assembly (2025-2026)
HOME BUYER SAVINGS ACCOUNT ACT
Last Action
1/27/2026 - Senate: Re-assigned to Revenue
Statutes Amended In Order of Appearance
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 |
| 1/27/2026 | Senate | Re-assigned to Revenue |