IL SB0148

Creates tax-advantaged savings accounts for first-time home buyers and "second-chance" buyers (those who haven't owned a home in the past 10 years) to save for down payments and closing costs on single-family residences in Illinois

Allows annual state tax deductions of up to $5,000 for individual filers or $10,000 for joint filers on contributions to these accounts, with earnings excluded from taxable income

Caps lifetime benefits at $25,000 for individual accounts and $50,000 for joint accounts, with a maximum 10-year period to claim deductions and exclusions

Imposes a 10% penalty plus inclusion in taxable income for withdrawals used for non-eligible purposes, with exceptions for death, disability, unemployment after exhausting benefits, or bankruptcy

Requires the Department of Revenue to submit annual reports to the General Assembly starting March 31, 2026, tracking the number of deductions claimed and program participation