S.F. No. 5369 Summary

• Creates a sales tax exemption for materials, supplies, and equipment used in constructing new single-family residential housing for first-time homebuyers, with a maximum construction cost limit of $460,000.

• Requires sales tax to be collected at the standard rate during purchase and then refunded to the homeowner through an application process with the commissioner.

• Limits eligibility to first-time homebuyers who will own and occupy the residence as their primary dwelling.

• Sunset provision expires the exemption on July 1, 2032.

• Effective for sales and purchases made after June 30, 2024.