Illinois SB3959 creates a $500 tax credit for first-time homebuyers in the state.

Illinois SB3959 amends the Illinois Income Tax Act to introduce the Welcome Home Illinois tax credit. This credit provides a $500 income tax credit for each first-time homebuyer of a principal residence in the state during the taxable year. A first-time homebuyer is defined as an individual who acquires an ownership interest in their principal residence if neither they nor their spouse had a present ownership interest in a principal residence during the three-year period ending on the date of purchase.

Illinois SB3959 creates a $500 tax credit for first-time homebuyers in the state.

Illinois SB3959 amends the Illinois Income Tax Act to introduce the Welcome Home Illinois tax credit. This credit provides a $500 income tax credit for each first-time homebuyer of a principal residence in the state during the taxable year. A first-time homebuyer is defined as an individual who acquires an ownership interest in their principal residence if neither they nor their spouse had a present ownership interest in a principal residence during the three-year period ending on the date of purchase.