Illinois 2023-2024 Regular Session

Illinois House Bill HB3934 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3934 Introduced , by Rep. Michael J. Kelly SYNOPSIS AS INTRODUCED: New Act Creates the First-Time Home Buyer Savings Program Act. Creates the First-Time Home Buyer Savings Program in the Office of the State Treasurer. Provides that beginning January 1, 2023 through December 31, 2027, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in the State. Provides that the account holder is responsible for the use or application of funds in a first-time home buyer savings account. Provides a list of required documents an account holder shall submit to the Office of the State Treasurer under the Program. Allows the Treasurer to adopt rules to implement the Program. Requires the Office of the State Treasurer to prescribe the form and manner in which a taxpayer shall claim a deduction in accordance with the Act and the Illinois Income Tax Act. Allows the Office of the State Treasurer to prepare and distribute informational materials on the Program to financial institutions and potential home buyers. Sets forth the duties and liability of financial institutions under the Program. Provides that the maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000. Provides that if funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. Effective immediately. LRB103 29596 DTM 55991 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3934 Introduced , by Rep. Michael J. Kelly SYNOPSIS AS INTRODUCED: New Act New Act Creates the First-Time Home Buyer Savings Program Act. Creates the First-Time Home Buyer Savings Program in the Office of the State Treasurer. Provides that beginning January 1, 2023 through December 31, 2027, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in the State. Provides that the account holder is responsible for the use or application of funds in a first-time home buyer savings account. Provides a list of required documents an account holder shall submit to the Office of the State Treasurer under the Program. Allows the Treasurer to adopt rules to implement the Program. Requires the Office of the State Treasurer to prescribe the form and manner in which a taxpayer shall claim a deduction in accordance with the Act and the Illinois Income Tax Act. Allows the Office of the State Treasurer to prepare and distribute informational materials on the Program to financial institutions and potential home buyers. Sets forth the duties and liability of financial institutions under the Program. Provides that the maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000. Provides that if funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. Effective immediately. LRB103 29596 DTM 55991 b LRB103 29596 DTM 55991 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3934 Introduced , by Rep. Michael J. Kelly SYNOPSIS AS INTRODUCED:
3	3	New Act New Act
4	4	New Act
5	5	Creates the First-Time Home Buyer Savings Program Act. Creates the First-Time Home Buyer Savings Program in the Office of the State Treasurer. Provides that beginning January 1, 2023 through December 31, 2027, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in the State. Provides that the account holder is responsible for the use or application of funds in a first-time home buyer savings account. Provides a list of required documents an account holder shall submit to the Office of the State Treasurer under the Program. Allows the Treasurer to adopt rules to implement the Program. Requires the Office of the State Treasurer to prescribe the form and manner in which a taxpayer shall claim a deduction in accordance with the Act and the Illinois Income Tax Act. Allows the Office of the State Treasurer to prepare and distribute informational materials on the Program to financial institutions and potential home buyers. Sets forth the duties and liability of financial institutions under the Program. Provides that the maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000. Provides that if funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. Effective immediately.
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11	11	1 AN ACT concerning State government.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 1. Short title. This Act may be cited as the
15	15	5 First-Time Home Buyer Savings Program Act.
16	16	6 Section 5. Definitions. As used in this Act:
17	17	7 "Account holder" means an individual who establishes,
18	18	8 individually or jointly with one or more other individuals, an
19	19	9 account with a financial institution for which the account
20	20	10 holder claims a first-time home buyer savings account status
21	21	11 on his or her income tax return.
22	22	12 "Allowable closing costs" means a disbursement listed on a
23	23	13 settlement statement for the purchase of a single-family
24	24	14 residence in this State by a qualified beneficiary.
25	25	15 "Eligible costs" means the down payment and allowable
26	26	16 closing costs for the purchase of a single-family residence in
27	27	17 this State by a qualified beneficiary.
28	28	18 "Financial institution" means any bank, trust company,
29	29	19 savings institution, industrial loan association, consumer
30	30	20 finance company, credit union, or any benefit association,
31	31	21 insurance company, safe deposit company, money market mutual
32	32	22 fund, broker, or similar entity authorized to do business in
33	33	23 this State.
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3934 Introduced , by Rep. Michael J. Kelly SYNOPSIS AS INTRODUCED:
38	38	New Act New Act
39	39	New Act
40	40	Creates the First-Time Home Buyer Savings Program Act. Creates the First-Time Home Buyer Savings Program in the Office of the State Treasurer. Provides that beginning January 1, 2023 through December 31, 2027, any individual may open an account with a financial institution and designate the account, in its entirety, as a first-time home buyer savings account to be used to pay or reimburse a qualified beneficiary's eligible costs for the purchase of a single-family residence in the State. Provides that the account holder is responsible for the use or application of funds in a first-time home buyer savings account. Provides a list of required documents an account holder shall submit to the Office of the State Treasurer under the Program. Allows the Treasurer to adopt rules to implement the Program. Requires the Office of the State Treasurer to prescribe the form and manner in which a taxpayer shall claim a deduction in accordance with the Act and the Illinois Income Tax Act. Allows the Office of the State Treasurer to prepare and distribute informational materials on the Program to financial institutions and potential home buyers. Sets forth the duties and liability of financial institutions under the Program. Provides that the maximum account balance limit for a first-time home buyer savings account shall not exceed a maximum of $50,000. Provides that if funds are withdrawn from an account for any purpose other than the payment of eligible costs by or on behalf of a qualified beneficiary, there is a penalty equal to 10% of the amount withdrawn. Effective immediately.
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43	43	A BILL FOR
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68	68	1 "First-time home buyer" means an individual who is a
69	69	2 resident of this State and has not owned or purchased, either
70	70	3 individually or jointly, a single-family residence during a
71	71	4 period of 3 years prior to the date of the purchase of a
72	72	5 single-family residence.
73	73	6 "First-time home buyer savings account" or "account" means
74	74	7 an account with a financial institution that an account holder
75	75	8 designates as a first-time home buyer savings account on his
76	76	9 or her income tax return under this Act for the purpose of
77	77	10 paying or reimbursing eligible costs for the purchase of a
78	78	11 single-family residence in this State by a qualified
79	79	12 beneficiary.
80	80	13 "Principal residence" means the one place where an owner
81	81	14 of the property has his or her true, fixed, and permanent home
82	82	15 to which, whenever absent, he or she intends to return and that
83	83	16 shall continue as a principal residence until another
84	84	17 principal residence is established. "Principal residence"
85	85	18 includes only that portion of a dwelling or unit in a
86	86	19 multiple-unit dwelling that is subject to ad valorem taxes and
87	87	20 that is owned and occupied by an owner of the dwelling or unit.
88	88	21 "Principal residence" also includes all of an owner's
89	89	22 unoccupied property classified as residential that is
90	90	23 adjoining or contiguous to the dwelling subject to ad valorem
91	91	24 taxes and that is owned and occupied by the owner. "Principal
92	92	25 residence" also includes all of an owner's unoccupied property
93	93	26 classified as timber-cutover real property that is adjoining
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104	104	1 or contiguous to the dwelling subject to ad valorem taxes and
105	105	2 that is owned and occupied by the owner. Contiguity is not
106	106	3 broken by boundary between local tax collecting units, a road,
107	107	4 a right-of-way, or property purchased or taken under
108	108	5 condemnation proceedings by a public utility for power
109	109	6 transmission lines if the 2 parcels separated by the purchased
110	110	7 or condemned property were a single parcel prior to the sale or
111	111	8 condemnation. "Principal residence" also includes any portion
112	112	9 of a dwelling or unit of an owner that is rented or leased to
113	113	10 another person as a residence as long as that portion of the
114	114	11 dwelling or unit that is rented or leased is less than 50% of
115	115	12 the total square footage of living space in that dwelling or
116	116	13 unit. "Principal residence" also includes a life care
117	117	14 facility. "Principal residence" also includes property owned
118	118	15 by a cooperative housing corporation and occupied by tenant
119	119	16 stockholders. Property that qualified as a principal residence
120	120	17 shall continue to qualify as a principal residence for 3 years
121	121	18 after all or any portion of the dwelling or unit included in or
122	122	19 constituting the principal residence is rented or leased to
123	123	20 another person as a residence if all of the following
124	124	21 conditions are satisfied:
125	125	22 (1) The owner of the dwelling or unit is absent while
126	126	23 on active duty in the armed forces of the United States.
127	127	24 (2) The dwelling or unit would otherwise qualify as
128	128	25 the owner's principal residence.
129	129	26 (3) The owner files an affidavit with the assessor of
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140	140	1 the local tax collecting unit on or before May 1 attesting
141	141	2 that it is his or her intent to occupy the dwelling or unit
142	142	3 as a principal residence upon completion of active duty in
143	143	4 the armed forces of the United States. A copy of an
144	144	5 affidavit filed under this paragraph shall be forwarded to
145	145	6 the Office of the State Treasurer pursuant to a schedule
146	146	7 prescribed by the Office of the State Treasurer.
147	147	8 "Program" means the First-Time Home Buyer Savings Program
148	148	9 established by this Act.
149	149	10 "Qualified beneficiary" means a first-time home buyer who
150	150	11 is designated as the beneficiary of an account designated by
151	151	12 the account holder as a first-time home buyer savings account.
152	152	13 "Qualified withdrawal" means a withdrawal from an account
153	153	14 that is not subject to a penalty under this Act or taxation
154	154	15 under the Illinois Income Tax Act, and that is a withdrawal
155	155	16 from an account that is made at least one year after the
156	156	17 account was opened and designated as a first-time home buyer
157	157	18 savings account and the withdrawal is used to pay the eligible
158	158	19 costs of the qualified beneficiary incurred at least one year
159	159	20 after the account is designated.
160	160	21 "Settlement statement" means the statement of receipts and
161	161	22 disbursements for a transaction related to real estate or an
162	162	23 executed sales agreement for the purchase of a manufactured
163	163	24 home being conveyed as personal property.
164	164	25 "Single-family residence" means a single-family residence
165	165	26 owned and occupied by a qualified beneficiary as the qualified
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176	176	1 beneficiary's principal residence. "Single-family residence"
177	177	2 includes a manufactured home, trailer, mobile home,
178	178	3 condominium unit, or cooperative.
179	179	4 "Treasurer" means the State Treasurer.
180	180	5 Section 10. First-Time Home Buyer Savings Program.
181	181	6 (a) The First-Time Home Buyer Savings Program is
182	182	7 established in the Office of the State Treasurer. The
183	183	8 purposes, powers, and duties of the Program are vested in and
184	184	9 shall be exercised by the Treasurer or the designee of the
185	185	10 Treasurer.
186	186	11 (b) Beginning January 1, 2023 through December 31, 2027,
187	187	12 any individual may open an account with a financial
188	188	13 institution and designate the account, in its entirety, as a
189	189	14 first-time home buyer savings account to be used to pay or
190	190	15 reimburse a qualified beneficiary's eligible costs for the
191	191	16 purchase of a single-family residence in this State. An
192	192	17 account holder shall designate a first-time home buyer as the
193	193	18 qualified beneficiary of the first-time home buyer savings
194	194	19 account. The account holder may designate himself or herself
195	195	20 as the qualified beneficiary and may change the designated
196	196	21 qualified beneficiary at any time, but there may not be more
197	197	22 than one qualified beneficiary at any one time.
198	198	23 (c) An individual may jointly own a first-time home buyer
199	199	24 savings account with another person if the joint account
200	200	25 holders file a joint return under the Illinois Income Tax Act.
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211	211	1 An individual may be the account holder of more than one
212	212	2 first-time home buyer savings account. However, an account
213	213	3 holder shall not have multiple accounts that designate the
214	214	4 same qualified beneficiary. An individual may be designated as
215	215	5 the qualified beneficiary on more than one first-time home
216	216	6 buyer savings account.
217	217	7 (d) Only cash and marketable securities may be contributed
218	218	8 to a first-time home buyer savings account. Subject to the
219	219	9 limitation under Section 25, persons other than the account
220	220	10 holder may make contributions to a first-time home buyer
221	221	11 savings account.
222	222	12 Section 15. Use of funds; required documentation; rules;
223	223	13 deduction form; informational materials.
224	224	14 (a) The account holder is responsible for the use or
225	225	15 application of funds in a first-time home buyer savings
226	226	16 account. The account holder shall not use funds held in an
227	227	17 account to pay expenses of administering the account, except
228	228	18 that a service fee may be deducted from the account by a
229	229	19 financial institution in which the account is held. An account
230	230	20 holder may withdraw funds, in whole or in part, from a
231	231	21 first-time home buyer savings account and deposit the funds in
232	232	22 a new first-time home buyer savings account held by a
233	233	23 different financial institution or the same financial
234	234	24 institution. If necessary, an account holder or qualified
235	235	25 beneficiary may make a hardship withdrawal from the account
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246	246	1 due to an immediate and heavy financial need of the account
247	247	2 holder or qualified beneficiary. However, the amount withdrawn
248	248	3 must be limited to the amount necessary to satisfy that need. A
249	249	4 hardship withdrawal is not a qualified withdrawal and will be
250	250	5 subject to taxation under the Illinois Income Tax Act.
251	251	6 (b) An account holder shall submit, with the account
252	252	7 holder's income tax return filed under the Illinois Income Tax
253	253	8 Act all of the following to the Office of the State Treasurer,
254	254	9 along with the form prescribed by the Office of the State
255	255	10 Treasurer under subsection (e):
256	256	11 (1) Account statements that show the contributions
257	257	12 made during the tax year and the taxable interest or
258	258	13 earnings on the account in the tax year for which the
259	259	14 deduction is claimed.
260	260	15 (2) The Form 1099 issued by the financial institution
261	261	16 for the account for the tax year for which the deduction is
262	262	17 claimed.
263	263	18 (3) Upon a withdrawal of funds from a first-time home
264	264	19 buyer savings account, a copy of the real estate
265	265	20 settlement statement that shows that the withdrawal was
266	266	21 used for eligible costs.
267	267	22 (c) An account holder shall maintain and keep, for a
268	268	23 period of at least 4 years, suitable records and
269	269	24 documentation, for each first-time home buyer savings account,
270	270	25 including, but not limited to, account statements for all
271	271	26 contributions and withdrawals made, a detailed list describing
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282	282	1 the transactions for the account, and other pertinent records
283	283	2 and papers as required by the Office of the State Treasurer for
284	284	3 the administration of this Act.
285	285	4 (d) The Treasurer may adopt rules to implement the Program
286	286	5 in accordance with the Illinois Administrative Procedure Act.
287	287	6 The rules shall not apply to, or impose administrative,
288	288	7 reporting, or other obligations or requirements on, financial
289	289	8 institutions-related accounts for first-time home buyer
290	290	9 savings accounts.
291	291	10 (e) The Office of the State Treasurer shall prescribe the
292	292	11 form and manner in which a taxpayer shall claim a deduction in
293	293	12 accordance with this Act and the Illinois Income Tax Act, on
294	294	13 his or her income tax return filed under the Illinois Income
295	295	14 Tax Act. The form shall include, at a minimum all of the
296	296	15 following:
297	297	16 (1) The account holder's name.
298	298	17 (2) The name of the qualified beneficiary.
299	299	18 (3) The name of the financial institution and the
300	300	19 account number.
301	301	20 (4) The beginning and end of the year balance of the
302	302	21 account.
303	303	22 (5) The amount of the deduction claimed for the tax
304	304	23 year.
305	305	24 (f) The Office of the State Treasurer may prepare and
306	306	25 distribute informational materials on the Program to financial
307	307	26 institutions and potential home buyers to publicize the
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318	318	1 availability of the Program.
319	319	2 Section 20. Financial institutions duties and liability.
320	320	3 (a) A financial institution is not required to do any of
321	321	4 the following:
322	322	5 (1) Designate an account as a first-time home buyer
323	323	6 savings account, or designate the qualified beneficiaries
324	324	7 of an account, in the financial institution's account
325	325	8 contracts or systems or in any other way.
326	326	9 (2) Track the use of money withdrawn from a first-time
327	327	10 home buyer savings account.
328	328	11 (3) Allocate funds in a first-time home buyer savings
329	329	12 account among joint account holders or multiple qualified
330	330	13 beneficiaries.
331	331	14 (4) Report any information to the Office of the State
332	332	15 Treasurer that is not otherwise required by law.
333	333	16 (b) A financial institution is not responsible or liable
334	334	17 for any of the following:
335	335	18 (1) Determining or ensuring that an account satisfies
336	336	19 the requirements to be a first-time home buyer savings
337	337	20 account.
338	338	21 (2) Determining or ensuring that funds in a first-time
339	339	22 home buyer savings account are used for eligible cost.
340	340	23 (3) Reporting or remitting taxes or penalties related
341	341	24 to the use of a first-time home buyer savings account.
342	342	25 (c) Upon being furnished proof of the death of the account
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353	353	1 holder and any other information required by the contract
354	354	2 governing the first-time home buyer savings account, a
355	355	3 financial institution shall distribute the principal and
356	356	4 accumulated interest or other income in the account in
357	357	5 accordance with the terms of the contract governing the
358	358	6 account.
359	359	7 Section 25. Account balance, contributions and interests,
360	360	8 and qualified withdrawals.
361	361	9 (a) The maximum account balance limit for a first-time
362	362	10 home buyer savings account shall not exceed a maximum of
363	363	11 $50,000. Accounts may continue to accrue earnings if the total
364	364	12 balance has reached the maximum account balance limit and
365	365	13 shall not be considered to have exceeded the maximum account
366	366	14 balance limit under this subsection.
367	367	15 (b) Contributions to and interest earned on a first-time
368	368	16 home buyer savings account are exempt from taxation as
369	369	17 provided in the Illinois Income Tax Act.
370	370	18 (c) Qualified withdrawals made from first-time home buyer
371	371	19 savings accounts are exempt from taxation as provided in the
372	372	20 Illinois Income Tax Act.
373	373	21 Section 30. Penalties.
374	374	22 (a) If funds are withdrawn from an account for any purpose
375	375	23 other than the payment of eligible costs by or on behalf of a
376	376	24 qualified beneficiary, there is a penalty equal to 10% of the
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387	387	1 amount withdrawn. The penalty shall be paid to the Office of
388	388	2 the State Treasurer.
389	389	3 (b) The penalty does not apply if the funds withdrawn
390	390	4 satisfy any of the following:
391	391	5 (1) Withdrawn by reason of the qualified beneficiary's
392	392	6 death or disability.
393	393	7 (2) A disbursement of assets of the account pursuant
394	394	8 to a filing for protection under the United States
395	395	9 Bankruptcy Code, 11 U.S.C. Section 101 to 1330.
396	396	10 (3) Transferred from an account established under this
397	397	11 Act into another account established under this Act for
398	398	12 the benefit of another qualified beneficiary as provided
399	399	13 in Section 15.
400	400	14 (4) Withdrawn by reason of a hardship withdrawal as
401	401	15 provided in Section 15.
402	402	16 (5) Withdrawn by reason of qualified beneficiary who
403	403	17 is a service member who is transferred or deployed out of
404	404	18 this State on active duty pursuant to a permanent change
405	405	19 of station order and provides proof acceptable to the
406	406	20 Office of the State Treasurer that the qualified
407	407	21 beneficiary or his or her spouse is assigned to a duty
408	408	22 station outside this State under a permanent change of
409	409	23 station order.
410	410	24 (c) As used in this Section:
411	411	25 "Active duty" means active duty pursuant to an executive
412	412	26 order of the President of the United States, an act of
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423	423	1 Congress, or an order of the Governor.
424	424	2 "Armed forces" means means the army, air force, navy,
425	425	3 marine corps, coast guard, or other military force designated
426	426	4 by Congress as a part of the armed forces of the United States.
427	427	5 "Service member" means a member of the armed forces, a
428	428	6 reserve branch of the armed forces, or the Illinois National
429	429	7 Guard.
430	430	8 Section 99. Effective date. This Act takes effect upon
431	431	9 becoming law.
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