ID H0589

Creates first-time home buyer savings accounts in Idaho allowing individuals who have never owned a single-family residence to establish tax-advantaged accounts with state or national banks, credit unions, or savings and loan associations.

Permits annual tax deductions of up to $15,000 for individuals or $30,000 for married couples filing jointly for contributions and interest earned on these accounts, effective for taxable years beginning January 1, 2020.

Limits lifetime deposits to $100,000 per account and restricts withdrawals during the first 30 days after account establishment; withdrawals for eligible home costs (down payments and closing costs for single-family residences in Idaho) are tax-free, while other withdrawals are subject to applicable taxes.

Requires account holders to provide attestations under penalty of perjury confirming first-time home buyer status and allows direct transfers between accounts without penalty; accounts are nontransferable and pass to designated beneficiaries upon account holder death.

Declares the act an emergency measure effective upon passage and approval with retroactive application to January 1, 2020.