HOME BUYER SAVINGS ACCOUNT ACT Senate SponsorsSen. Cristina Castro, Andrew S. Chesney, Laura M. Murphy, Chris Balkema, Paul Faraci and Mike Porfirio 1/27/2026SenateRe-assigned to Revenue New ActCreates 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. 1/17/2025SenateFiled with Secretary by Sen. Cristina Castro 1/17/2025SenateFirst Reading 1/17/2025SenateReferred to Assignments 1/28/2025SenateAssigned to Revenue 2/13/2025SenateAdded as Co-Sponsor Sen. Andrew S. Chesney 3/20/2025SenateAdded as Co-Sponsor Sen. Laura M. Murphy 3/21/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025 4/11/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025 4/30/2025SenateAdded as Co-Sponsor Sen. Chris Balkema 4/30/2025SenateAdded as Co-Sponsor Sen. Paul Faraci 4/30/2025SenateAdded as Co-Sponsor Sen. Mike Porfirio 5/9/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025 5/23/2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025 6/2/2025SenateRule 3-9(a) / Re-referred to Assignments 1/27/2026SenateRe-assigned to Revenue 3/13/2026SenateRule 2-10 Committee Deadline Established As April 24, 2026