Illinois General Assembly - Bill Status for HB5141
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 Bill Status of HB5141  96th General Assembly


House Sponsors
Rep. Darlene J. Senger - Sandy Cole - Linda Chapa LaVia - Mike Fortner - Michael G. Connelly

Last Action
DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
15 ILCS 505/17.10 new
35 ILCS 5/203from Ch. 120, par. 2-203

Synopsis As Introduced
Amends the State Treasurer Act. Authorizes the State Treasurer to establish and administer a Home Savings Pool to supplement and enhance investment opportunities otherwise available to first-time homebuyers. Provides that participants in the Pool are required to use moneys distributed from the Pool for qualified expenditures incident to the purchase of a primary residence by a first-time homebuyer. Contains penalty provisions. Sets forth the duties of the State Treasurer with respect to the Home Savings Pool. Amends the Illinois Income Tax Act. Creates a deduction for individual taxpayers equal to the amount contributed by the taxpayer to a Home Savings Pool account during the taxable year, but not to exceed $20,000 per taxable year. Effective immediately.

DateChamber Action
  1/28/2010HouseFiled with the Clerk by Rep. Darlene J. Senger
  1/29/2010HouseFirst Reading
  1/29/2010HouseReferred to Rules Committee
  2/8/2010HouseAssigned to Revenue & Finance Committee
  2/10/2010HouseAdded Chief Co-Sponsor Rep. Sandy Cole
  2/23/2010HouseAdded Chief Co-Sponsor Rep. Linda Chapa LaVia
  2/23/2010HouseAdded Chief Co-Sponsor Rep. Mike Fortner
  2/23/2010HouseAdded Chief Co-Sponsor Rep. Michael G. Connelly
  3/15/2010HouseRule 19(a) / Re-referred to Rules Committee
  1/11/2011HouseSession Sine Die

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