Illinois REALTORS® joined state Sen. Cristina Castro, D-Elgin, for an Illinois statehouse news conference Thursday on Senate Bill 148, a bill that would allow first-time and second chance homebuyers to earn tax deductions while they save up for a home. It is one of five bills Illinois REALTORS® is working on with legislators and Gov. JB Pritzker on this spring to enhance housing stability and affordability in Illinois. 

At the press conference, past Illinois REALTORS® President Michael D. Oldenettel and Illinois REALTORS® Senior Director of State Government Affairs Jimmy Clayton educated reporters about why the incentive would help open the door to homeownership for more consumers. 

“The housing inventory crisis in Illinois has put housing attainability and affordability more and more out of reach. In fact, home prices and parts of the states have increased nearly upwards to 40 percent in just the last five years,” Clayton said. “Senate Bill 148 is a small step for the state, but a big helping hand for future homebuyers giving the higher cost of almost everything right now, saving for a home has become more difficult than it already was.”

Sen. Castro is the sponsor of Senate Bill 148, which would create the “Illinois Home Buyer Savings Accounts Act.” The bill would create a tax advantage for saving for a home to put toward down payment and closing costs. The bill allows individuals to create designated savings accounts and receive up to $5,000 in yearly tax deductions and joint filers up to $10,000, with lifetime caps of $25,000 and $50,000 respectively.

“It’s not just the impact of the sale of the home on the economy, on our community and on our schools, but also buying your first home can be an incredibly emotional experience. It’s a milestone, it’s relief, it’s pride, it’s comfort, it’s gratitude, it’s a sense of belonging,” Oldenettel said. “What Senate Bill 148 can effectively do is be a stimulus by providing an avenue to help achieve the dream of homeownership.”

Republican state Sen. Andrew Chesney, R- Freeport, has signed on as a co-sponsor of the Senate Bill. Sen. Castro said housing in an important issue that impacts both parties.

“When you talk about affordability of housing, it should be a bipartisan issue,” Sen. Castro said. “It’s not a partisan issue because it impacts everybody, right? It doesn’t matter whether it’s in Chicago or rural Illinois. Everyone is looking to buy that first home, and this is a good step to help people no matter where you’re at on the spectrum, get into that first home.”