HI HB605

Requires the legislative reference bureau to conduct a study on establishing a housing savings account system allowing employees to automatically contribute through payroll deductions.

Study must assess costs, benefits, implementation strategy, and timeline for a system with the following components: a board to administer the system; employer requirement to offer contributions; optional employer matching; prohibition on tax benefits; and funds usable for down payments, mortgage payments, rent, or security deposits.

Employers must enroll participating employees and report enrollment information to the board, with employees able to opt out at any time and a default contribution rate of 5 percent of compensation.

Legislative reference bureau must submit findings, recommendations, and any proposed legislation to the legislature no later than twenty days prior to the 2022 regular session.

Act becomes effective July 1, 2050.