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RI S2367
Bill
Status
1/30/2026
Primary Sponsor
Valarie Lawson
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AI Summary
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Creates first-time homebuyer savings accounts through Rhode Island Housing, allowing Rhode Island residents who have not owned a home in the past 3 years to save for down payments and closing costs on a home purchase in the state.
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Annual contributions and interest earned are deductible from state taxable income, up to $15,000 per year for individuals or $30,000 for joint filers, beginning January 1, 2027.
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Total principal contributions cannot exceed $150,000 over a maximum 10-year period, after which any unused funds become taxable income.
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Withdrawals for non-eligible purposes trigger inclusion in taxable income plus a 10% penalty, with exceptions for death, disability, or bankruptcy.
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Accounts may only be used for Rhode Island home purchases unless the account holder relocates out of state and provides documentation of new residency.
Legislative Description
Allows an individual, who is a first-time homebuyer, to contribute funds to a first-time homebuyer savings account with Rhode Island housing to pay for eligible costs to purchase a home and receive tax deductions and exemptions.
Taxation
Last Action
Introduced, referred to Senate Finance
1/30/2026