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OR SB101
Bill
AI Summary
- Extends the deadline to open a first-time home buyer savings account from January 1, 2027 to January 1, 2032 to qualify for tax benefits
- Extends the program sunset date from January 1, 2037 to January 1, 2042
- Tax benefits include a subtraction from federal taxable income for contributions up to $5,000 (individual) or $10,000 (joint filers) annually
- Account earnings remain exempt from state taxation until withdrawn
- Maximum aggregate benefit capped at $50,000 in principal and earnings over a 10-year period per account holder
Legislative Description
Relating to first-time home buyer savings accounts.
Last Action
In committee upon adjournment.
6/27/2025
Committee Referrals
Tax Expenditures6/13/2025
Revenue3/13/2025
Finance and Revenue1/17/2025
Full Bill Text
No bill text available