SB0148Introduced in the Senate
HOME BUYER SAVINGS ACCOUNT ACT
Introduced by Cristina Castro, District 22
What does this bill do?
Plain-English breakdown
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Official description
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.
Where it stands
Added as Chief Co-Sponsor Sen. David Koehler
May 30, 2026
How did lawmakers vote?
No recorded vote is available for this bill yet.
Bill history
Filed with Secretary by Sen. Cristina Castro
First Reading
Referred to Assignments
Assigned to Revenue
Added as Co-Sponsor Sen. Andrew S. Chesney
Added as Co-Sponsor Sen. Laura M. Murphy
Rule 2-10 Committee Deadline Established As April 11, 2025
Rule 2-10 Committee Deadline Established As May 9, 2025
Added as Co-Sponsor Sen. Chris Balkema
Added as Co-Sponsor Sen. Paul Faraci
Added as Co-Sponsor Sen. Mike Porfirio
Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
Rule 3-9(a) / Re-referred to Assignments
Re-assigned to Revenue
Rule 2-10 Committee Deadline Established As April 24, 2026
Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026
Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026
Rule 3-9(a) / Re-referred to Assignments
Added as Chief Co-Sponsor Sen. David Koehler
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