Darlene J. Senger
Amends the State Treasurer Act. Authorizes the State Treasurer to establish and administer a Home Savings Pool to supplement and enhance investment opportunities otherwise available to first-time homebuyers. Provides that participants in the Pool are required to use moneys distributed from the Pool for qualified expenditures incident to the purchase of a primary residence by a first-time homebuyer. Contains penalty provisions. Sets forth the duties of the State Treasurer with respect to the Home Savings Pool. Amends the Illinois Income Tax Act. Creates a deduction for individual taxpayers equal to the amount contributed by the taxpayer to a Home Savings Pool account during the taxable year, but not to exceed $20,000 per taxable year. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Added Chief Co-Sponsor Rep. Linda Chapa LaVia
Added Chief Co-Sponsor Rep. Mike Fortner
Added Chief Co-Sponsor Rep. Michael G. Connelly
Added Chief Co-Sponsor Rep. Sandy Cole
Assigned to Revenue & Finance Committee
Referred to Rules Committee
Filed with the Clerk by Rep. Darlene J. Senger
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