Illinois SB0148 establishes tax-advantaged savings accounts for first-time and second-chance homebuyers in Illinois.
The Illinois Home Buyer Savings Accounts Act creates tax-advantaged savings accounts for first-time and second-chance homebuyers in Illinois. These accounts allow for tax deductions on contributions and tax-free earnings. Funds can be used for down payments and closing costs on single-family residences in Illinois. The accounts can be opened by individuals or jointly by those filing a joint tax return. Contributions are limited to cash and marketable securities. Account holders must annually report account details to the Department of Revenue.
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