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RI H7798
Bill
Status
2/12/2026
Primary Sponsor
Brian Newberry
Click for details
AI Summary
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Creates a First Time Home Buyer Savings Program administered by the General Treasurer, Division of Taxation, and State Investment Commission to help individuals save for purchasing their first home
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Allows participants to contribute up to $50,000 and subtract that amount from their Rhode Island taxable income
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Permits participants to subtract up to $150,000 in interest and dividend income earned within the program from their Rhode Island taxable income
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State Investment Commission will invest program funds in equities and fixed-income securities authorized under general laws
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Withdrawals used for non-qualified purposes (anything other than a first home purchase) result in forfeiture of tax benefits and taxation at the normal rate
Legislative Description
Establishes the first time home buyer savings program act. Allows modifications to federal adjusted gross income for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.
Property
Last Action
Introduced, referred to House Finance
2/12/2026