As homeownership may be growing out of reach for many young residents, Illinois lawmakers are split between trimming taxes and growing state programs.
Republicans are pushing tax-relief as Democrat leaders seek to expand spending on housing programs across the state.
Illinois state Sen. Erica Harriss shared details of a bill she introduced in February. Senate Bill 3959 would give first-time homebuyers a $500 tax credit, applying to income tax liabilities.
The bill is part of a larger package from Harriss with the aim of decreasing the property tax burden for residents.
More broadly, Republican legislators have recently called for major tax reform in the wake of the governor’s proposed state budget, which seeks to instead address housing affordability through state spending while increasing various tax rates for residents.
Story from Illinois Radio Network
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