Illinois housing affordability efforts pit tax cuts against new spending

(The Center Square) – 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, R-Edwardsville, 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.

Harriss told senators the average home buyer was 40 years old last year, and only 21% of all homes were bought by first-time buyers, according to Illinois Realtors Association data. She added that the median sale price has increased by 54% since 2017, with current data showing prices are roughly $295,000 statewide.

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