Illinois General Assembly - Bill Status for HB5503
Illinois General Assembly

Previous General Assemblies

 Bill Status of HB5503  100th General Assembly


Short Description:  FIRST-TIME HOMEBUYER SAVINGS

House Sponsors
Rep. Tony McCombie

Last Action
DateChamber Action
  1/8/2019HouseSession Sine Die

Statutes Amended In Order of Appearance
New Act
35 ILCS 5/227 new


Synopsis As Introduced
Creates the Illinois First-Time Homebuyer Savings Account Act. Provides that first-time homebuyers may open a first-time homebuyer savings account to pay or reimburse costs in connection with a qualified home purchase. Provides that the account holder shall not use any funds in a first-time homebuyer savings account to pay expenses of administering the account except for fees and charges assessed by the financial institution. Provides for reporting to the Department of Revenue. Defines terms. Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an annual credit for amounts deposited by the taxpayer into a first-time homebuyer savings account of up to $2,000 for individual taxpayers, and up to $4,000 for married taxpayers. Provides a maximum lifetime credit of 10 times the taxpayer's annual maximum deduction. Provides that beginning January 1, 2020, the Department shall adjust, every year, the maximum tax credits available to a first-time homebuyer savings account holder for inflation.

Actions 
DateChamber Action
  2/16/2018HouseFiled with the Clerk by Rep. Tony McCombie
  2/16/2018HouseFirst Reading
  2/16/2018HouseReferred to Rules Committee
  3/5/2018HouseAssigned to Revenue & Finance Committee
  4/12/2018HouseTo Income Tax Subcommittee
  4/13/2018HouseRule 19(a) / Re-referred to Rules Committee
  1/8/2019HouseSession Sine Die

Back To Top