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ID H0271
Bill
Status
3/13/2019
Primary Sponsor
Revenue and Taxation Committee
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AI Summary
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Establishes first-time home buyer savings accounts allowing Idaho residents who have never owned a home to deduct up to $3,000 per year (or $6,000 for married couples filing jointly) in contributions and interest from taxable income, effective January 1, 2019.
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Permits tax-free withdrawals from these accounts for eligible home costs including down payments and closing costs on Idaho single-family residences, with the burden of proof on the account holder to document qualifying expenses.
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Allows direct transfers between first-time home buyer savings accounts without penalty and requires accounts be held at eligible depositories (banks, savings and loans, credit unions, or trust companies).
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Amends Idaho Code sections 26-216 and 26-2151 to authorize banks and credit unions to act as custodians or fiduciaries for first-time home buyer savings accounts in addition to existing tax-qualified retirement plans.
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Provides the bill is retroactively effective to January 1, 2019, and declares an emergency.
Legislative Description
Adds to and amends existing law to provide for first-time home buyer savings accounts, to revise custodial account provisions, and to revise provisions regarding credit unions acting as custodians or fiduciaries under certain trust instruments or custodial agreements.
FIRST-TIME HOME BUYERS
Last Action
Reported Printed and Referred to Revenue & Taxation
3/14/2019