GA HB1607

Creates first-time homebuyer savings accounts allowing Georgia residents to save for home purchase expenses including down payments, closing costs, title insurance, appraisal fees, and loan origination fees

Provides state income tax deductions of up to $6,000 annually for single filers ($12,000 for joint filers), with lifetime contribution deduction caps of $60,000 per beneficiary for single filers ($120,000 for joint filers)

Exempts interest, dividends, and earnings from state income tax when used for qualified home purchases; deductions may be claimed for up to 15 years

Imposes a 10% penalty plus income recapture on unqualified withdrawals, with exceptions for beneficiary death, disability, or military relocation out of state

Effective January 1, 2027, with financial institutions exempted from tracking fund usage or designating accounts; Department of Revenue required to create necessary forms