Loading chat...
IL SB3959
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Erica Harriss
Click for details
AI Summary
- Creates the "Welcome Home Illinois" tax credit providing a $500 income tax credit for first-time homebuyers purchasing a principal residence in Illinois
- Defines "first-time homebuyer" as an individual (and spouse) who had no ownership interest in a principal residence during the 3-year period prior to purchase
- Applies to taxable years beginning on or after January 1, 2027
- Credit cannot reduce tax liability below zero, but excess credit may be carried forward for up to 5 taxable years
- Disqualifies taxpayers who dispose of the residence or cease using it as their principal residence before the end of the taxable year
Legislative Description
INC TX-WELCOME HOME CREDIT
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/24/2026
Assignments2/6/2026
Full Bill Text
No bill text available