Loading chat...

IA SF2326

Bill

Official Source

Status

Introduced

2/12/2026

Primary Sponsor

Sarah Trone Garriott

Click for details

Origin

Senate

91st General Assembly

AI Summary

  • Allows employers to open and contribute to first-time homebuyer savings accounts on behalf of employees who are designated beneficiaries
  • Employer contributions to these accounts are excluded from the employee's taxable income when withdrawn for qualified home purchases
  • Interest earned on first-time homebuyer savings accounts is subtracted from net income for tax purposes
  • Tax benefits expire on January 1 of the tenth calendar year after the account was opened, or when funds are withdrawn for non-qualifying purposes
  • Non-qualified withdrawals trigger a 10% penalty plus recapture of previously excluded interest income, with exceptions for death, employment status changes, garnishment, or bankruptcy

Legislative Description

A bill for an act modifying first-time homebuyers savings accounts, and including retroactive applicability provisions.

Last Action

Subcommittee: Zumbach, Donahue, and Kraayenbrink. S.J. 361.

2/23/2026

Committee Referrals

Appropriations2/12/2026

Full Bill Text

No bill text available