Illinois 104th General Assembly Status: Introduced Bipartisan · 5 D · 2 R cosponsors

SB0148      — HOME BUYER SAVINGS ACCOUNT ACT

Last action — Added as Chief Co-Sponsor Sen. David Koehler

  1. 1
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill has been introduced in the Senate. Introduced January 17, 2025. It must pass committee before a floor vote.

Next likely step: a committee referral and hearing.

Odds of enactment

Low chance

Based on the sponsor, cosponsors, and committee posture, this bill has a low chance of becoming law.

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A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Advancing 34% · moderate confidence

  • Introduced

    Current position in the legislative process.

  • 7 sponsors

    1 primary, 6 co-sponsors signed on.

  • Bipartisan support

    Sponsored across 2 parties (5 D · 2 R) — cross-party backing.

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

In plain language

Establishes savings accounts for first-time and second-chance home buyers in Illinois.

This bill allows first-time and second-chance home buyers to create designated savings accounts for purchasing single-family homes. The funds in these accounts can only be used for eligible home buying costs.

What this means for you
  • Families: This means families can save specifically for home buying costs, making it easier to purchase their first home.

Summary

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.

Bill Text

We don't have the full text on file for this bill yet.

Read SB0148 on the official Illinois source →

Action History

  1. Added as Chief Co-Sponsor Sen. David Koehler

  2. Rule 3-9(a) / Re-referred to Assignments

  3. Rule 2-10 Committee/3rd Reading Deadline Established As May 22, 2026

  4. Rule 2-10 Committee/3rd Reading Deadline Established As May 15, 2026

  5. Rule 2-10 Committee Deadline Established As April 24, 2026

  6. Re-assigned to Revenue

  7. Rule 3-9(a) / Re-referred to Assignments

  8. Rule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025

  9. Rule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025

  10. Added as Co-Sponsor Sen. Mike Porfirio

  11. Added as Co-Sponsor Sen. Paul Faraci

  12. Added as Co-Sponsor Sen. Chris Balkema

  13. Rule 2-10 Committee Deadline Established As May 9, 2025

  14. Rule 2-10 Committee Deadline Established As April 11, 2025

  15. Added as Co-Sponsor Sen. Laura M. Murphy

  16. Added as Co-Sponsor Sen. Andrew S. Chesney

  17. Assigned to Revenue

  18. Referred to Assignments

  19. First Reading

  20. Filed with Secretary by Sen. Cristina Castro

Sponsors

Sponsorship breakdown

Export CSV (upgrade) →

1 sponsors · 6 co-sponsors · 176 not signed on

Sponsors (1)

Co-sponsors (6)

Not signed on (176)

176 members have not signed on to this bill.

Show all 176 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB0148      do?
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.
Who sponsors SB0148     ?
SB0148      is sponsored by Cristina Castro (Democrat), David Koehler (Democrat), Andrew S. Chesney (Republican), Laura M. Murphy (Democrat), Chris Balkema (Republican), Paul Faraci (Democrat), and Mike Porfirio (Democrat).
What is the current status of SB0148     ?
This bill has been introduced in the Senate. Introduced January 17, 2025. It must pass committee before a floor vote.
Where can I track SB0148     ?
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Last checked for changes 3 months ago · updated continuously

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