HI HB2787

Increases maximum annual deductible contributions to individual housing accounts from $5,000 (individual) and $10,000 (joint) to amounts specified in blank underscored sections of the bill.

Increases lifetime maximum contributions to individual housing accounts from $25,000 to an amount to be specified in blank underscored sections of the bill.

Requires the Department of Taxation to create and implement public awareness programs and educational materials about the individual housing account program, eligibility requirements, and related resources.

Appropriates unspecified general revenues for fiscal year 2024-2025 to fund the public awareness campaign by the Department of Taxation.

Applies to taxable years beginning after December 31, 2024, and takes effect July 1, 2050; declares that the appropriation will exceed the state general fund expenditure ceiling.