ID H0483

Establishes first-time home buyer savings accounts in Idaho allowing individuals to deduct annual contributions and interest earned from taxable income, with limits of $15,000 per year for individuals or $30,000 per year for married couples filing jointly.

Defines account holders as Idaho residents who are first-time home buyers and have not previously owned a single-family residence in Idaho, either individually or jointly.

Permits tax-free withdrawals from the accounts for eligible home costs including down payments and closing costs associated with purchasing a single-family residence in Idaho, including manufactured homes, mobile homes, condominiums, and townhomes.

Allows funds to be transferred between first-time home buyer savings accounts at different depositories without tax consequences and permits deposits made in error to be withdrawn within 90 days without penalty.

Applies retroactively to taxable years commencing January 1, 2020, with the act declared an emergency measure effective upon passage and approval.