OR SB893

Doubles annual contribution limits for first-time home buyer savings accounts from $5,000 to $10,000 for individual filers and from $10,000 to $20,000 for joint filers

Increases the 10-year aggregate cap on principal and earnings eligible for tax benefits from $50,000 to $100,000

Extends the deadline to open a first-time home buyer savings account from January 1, 2027 to January 1, 2030

Allows a person other than the account holder to claim the tax subtraction and exemption for contributions if the account holder designates them and does not claim the benefits

Applies to tax years beginning after December 31, 2024, and takes effect on the 91st day following adjournment of the 2025 legislative session