My colleagues and I came together last week to unveil a legislative package aimed at providing relief to struggling homeowners and making it more affordable to buy and stay in a home in Illinois.
The proposed package of solutions is designed to help first-time buyers, reduce the strain of property taxes and insurance costs, and protect homeowners from losing the equity they have built over a lifetime.
The legislation includes:
- Senate Bill 3959, the Welcome Home Illinois Tax Credit, would provide a $500 non-refundable tax credit for first-time homebuyers, carried forward for up to five years.
- Senate Bill 3781 would make the Illinois Property Tax Credit refundable when Illinoisans file their state income taxes.
- Senate Bill 3782, the Fairness in Property Tax Foreclosure Task Force, would develop reforms to Illinois’ property tax foreclosure system after a United States Supreme Court ruling found the system unconstitutional. Under current law, delinquent property taxes can be sold to investors, and families can lose not only their home, but also the equity they spent years building.
- Senate Bill 3849 would add annual Consumer Price Index adjustments to Illinois’ General Homestead Exemption to better reflect rising home values and costs.
- Senate Bill 3848 would create an income tax deduction tied to the year-over-year increase in a taxpayer’s homeowners insurance costs.
These proposals take direct aim at the major cost drivers squeezing homeowners, with a focus on affordability, fairness, and keeping families in their homes.