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Independent
VOL. 22 • NO. 12
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THURSDAY, MARCH 6, 2025
Legislation aims to help first-time homebuyers Bill would create tax deductible accounts to save for down payments
By Peter Hancock and Jade Aubrey CAPITOL NEWS ILLINOIS
As the cost of housing continues to rise, Illinois realtors are pushing legislation to make it easier for firsttime homebuyers to save for a down payment. Senate Bill 148 would enable Illinois residents to open a special kind of savings account that could only be used to pay eligible costs for the purchase of a single-family residence. Deposits into those accounts would be deductible from state income taxes with some limitations. The deductions would be limited to $5,000 per year for individuals and $10,000 per year for joint ac-
counts, up to maximum aggregate amounts of $25,000 per individual and $50,000 for joint accounts over a 10-year period. The accounts would be available to Illinois residents who have not owned or purchased, either individually or jointly, a single-family residence during the prior 10 years. That would include both first-time and “second-chance” buyers—people who may have purchased a home previously and now want to get into the ownership market again. “When you look at the median sales price of a home in Illinois in 2024, it was almost $300,000,” Sen. Christine Castro, D-Elgin, said during a news conference Feb. 27.
“That’s 8 percent higher than in 2023 and almost 40 percent higher than in 2019. So you see the rapid (rising) cost of homes.” Jim Clayton, senior director of state government affairs for the trade group Illinois Realtors, said the bill is one of several initiatives the industry has introduced this year to help alleviate the burden of rising home prices. The bill has been assigned to the Senate Revenue Committee and is awaiting further action.
passage of a handful of bills they say are aimed at providing property tax relief to Illinois homeowners, something they say Gov. JB Pritzker did not address in his budget proposal. “He talked about affordable housing,” Sen. Jil Tracy, R-Quincy, said during a Statehouse news conference. “And yes, that’s very necessary. First-time homeowners are facing difficulties in buying homes, because what you have to consider most of all is, can you make the property tax payment? You can’t address affordable housing unless you Senate Republicans push first address what’s going on with property tax relief measures Illinois’s high property tax and high Senate Republicans are urging property tax amounts.”
Sen. Chapin Rose, R-Mahomet, is sponsoring Senate Bill 2246, which would put a cap increases in the assessed valuation of residential property to the rate of inflation over the previous 12 months. He said it would help bridge the rapidly increasing gap between what senior homeowners collect from Social Security and the increasing amounts they’re being charged for property taxes. “This is real, this is hurting people, and it’s all scalable,” he said. “Whether you live in $100,000 home or $200,000 home or $4,000 home, it’s becoming unaffordable.” The bill has not yet been assigned to a committee.
District 88 students participate in meet and greet with former NBA player and coach Bill Cartwright during Student Leadership Summit
SUBMITTED PHOTO Addison Independent
A bill pending in the Illinois General Assembly would allow firsttime home buyers to set up tax-deductible savings accounts to save up for their down payment.
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On Feb. 20, about 80 Addison Trail and Willowbrook pupils came together for a Student Leadership Summit. This was the second Student Leadership Summit of the school year and took place at Willowbrook. It was coordinated by District 88 Student Success Coordinator Dr. VaLarie Humphrey, Willowbrook Athletic Director Ed Sullivan, SUBMITTED PHOTO Addison Independent Willowbrook staff Former Chicago Bulls center and head coach Bill Cartwright makes a member Rachel Karos point to students during the District 88 Student Leadership Summit held and Addison Trail staff at Willowbrook High School on Feb. 20. Willowbrook senior Eddie Devens member Rob Schader. (right) moderated a question-and-answer session with Cartwright. Around Participants—who 80 Addison Trail and Willowbrook students attended the summit. are leaders in athletics, insights into leadership, teamwork and personal growth clubs and activities at the … (and) Cartwright offers a rare glimpse into the schools—had the opportunity to attend a presentation experiences that have defined his path.” with Addison Trail SEL Interventionist Jennifer The book is published by Sophisticated Press (www. Dowling, who shared information about mental health sophisticatedpress.com/#). and the importance of having a plan of what to do and Cartwright discussed his NBA and coaching career who to reach out to for help if someone is struggling. and encouraged students to take a limitless approach The keynote speaker for the event was former to their success. He told students they “deserve more” professional basketball player and coach Bill and can achieve anything they believe is possible. Cartwright. Students had an exclusive meet and Willowbrook senior Eddie Devens moderated a greet with Cartwright to celebrate the launch of his question-and-answer session with Cartwright, which biography, “Living Life at The Center.” According to included questions from the audience. https://bill-cartwright.com, the book offers “profound
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