Date	Chamber	Action
1/8/2019	House	Session 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 

Date	Chamber	Action
2/16/2018	House	Filed with the Clerk by Rep. Tony McCombie
2/16/2018	House	First Reading
2/16/2018	House	Referred to Rules Committee
3/5/2018	House	Assigned to Revenue & Finance Committee
4/12/2018	House	To Income Tax Subcommittee
4/13/2018	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2019	House	Session Sine Die

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