FIRST-TIME HOMEBUYER SAVINGS House SponsorsRep. Tony McCombie and Michael Halpin 1/13/2021HouseSession Sine Die New Act35 ILCS 5/229 new Creates the Illinois First-Time Homebuyer Savings Account Act. Provides that first-time homebuyers may open a first-time homebuyer savings account to pay or reimburse costs in connection with a qualified home purchase. Provides that the account holder shall not use any funds in a first-time homebuyer savings account to pay expenses of administering the account except for fees and charges assessed by the financial institution. Provides for reporting to the Department of Revenue. Defines terms. Amends the Illinois Income Tax Act. Provides that a taxpayer shall be allowed an annual credit for amounts deposited by the taxpayer into a first-time homebuyer savings account of up to $2,000 for individual taxpayers, and up to $4,000 for married taxpayers. Provides a maximum lifetime credit of 10 times the taxpayer's annual maximum deduction. Provides that beginning January 1, 2020, the Department shall adjust, every year, the maximum tax credits available to a first-time homebuyer savings account holder for inflation. 2/1/2019HouseFiled with the Clerk by Rep. Tony McCombie 2/4/2019HouseFirst Reading 2/4/2019HouseReferred to Rules Committee 2/13/2019HouseAssigned to Revenue & Finance Committee 2/21/2019HouseAdded Co-Sponsor Rep. Michael Halpin 2/28/2019HouseTo Income Tax Subcommittee 3/29/2019HouseRule 19(a) / Re-referred to Rules Committee 1/13/2021HouseSession Sine Die