In CommitteeFiled Feb 6, 2026
Sponsor: Erica Harriss (R)
Latest Action
Added as Co-Sponsor Sen. Paul Jacobs
Sep 2, 2026
Summary
The bill adds a $500 credit to Illinois income taxes for individuals who buy their first principal home and have not owned a home in the past three years. The credit only applies if the home remains the buyer’s principal residence for the tax year and can be carried forward up to five years if it exceeds the tax owed. It is meant to encourage homeownership in the state.
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