Home Building in Illinois generates substantial economic activity, including additional revenue for State and local governments.  In 2009, homebuilders in Illinois constructed 8,800 single-family homes in Illinois, the lowest amount since before World War II.  Yet, despite this dismal production, the homebuilding industry in 2009 still generated $1.9 Billion in income for Illinois residents and $444.2 million in taxes, fees and other revenue to State and local governments in Illinois.  Even at our worst, homebuilding is still a significant provider to Illinois economic health. 

    Compare this economic impact to the first half of the decade, where homebuilders averaged 43,000 homes per year.  This level of annual production provides $2.8 Billion in taxes, fees and other revenue for State and local governments in Illinois in just that first year of construction.  Therefore there is little doubt that homebuilding is a significant, viable, and necessary component to Illinois’ economic stability and growth.

The Home Builders Association of Illinois initiated 3 legislative measures in 2010, not one of which has received any legislative consideration.

    Senator Demuzio (D-Carlinville) introduced SB 2997.  This HBAI initiative would provide up to a $7,500 income tax credit to a consumer for the construction of a new home valued at under $500,000.  SB 2997 was sent to the Senate Revenue Subcommittee on Special Issues.  The full Senate Revenue Committee enabled HBAI to provide oral testimony on the tax and revenue benefits of homebuilding to State and Local Government.  However, the legislation was not considered for a vote.

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Todd Robertson
2^nd VP – Home Builders Association of Illinois