HOME BUYER SAVINGS ACCOUNT ACT
Sponsored By: Cristina Castro (Democratic)
In Committee
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & Cosponsors
Sponsor
Cristina Castro
Democratic • Senate
Cosponsors
Andrew S. Chesney
Republican • Senate
Chris Balkema
Republican • Senate
David Koehler
Democratic • Senate
Laura M. Murphy
Democratic • Senate
Mike Porfirio
Democratic • Senate
Paul Faraci
Democratic • Senate
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
Added as Chief Co-Sponsor Sen. David Koehler
5/30/2026SenateRule 3-9(a) / Re-referred to Assignments
5/22/2026SenateRule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
5/15/2026SenateRule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
4/24/2026SenateRule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026SenateRe-assigned to Revenue
1/27/2026SenateRule 3-9(a) / Re-referred to Assignments
6/2/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
5/23/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
5/9/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio
4/30/2025SenateAdded as Co-Sponsor Sen. Paul Faraci
4/30/2025SenateAdded as Co-Sponsor Sen. Chris Balkema
4/30/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
4/11/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
3/21/2025SenateAdded as Co-Sponsor Sen. Laura M. Murphy
3/20/2025SenateAdded as Co-Sponsor Sen. Andrew S. Chesney
2/13/2025SenateAssigned to Revenue
1/28/2025SenateReferred to Assignments
1/17/2025SenateFirst Reading
1/17/2025SenateFiled with Secretary by Sen. Cristina Castro
1/17/2025Senate
Bill Text
Introduced
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