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RI S2442
Bill
Status
2/6/2026
Primary Sponsor
Thomas Paolino
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AI Summary
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Establishes 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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Participants may contribute up to $50,000 to the program and deduct that amount from their Rhode Island taxable income
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Interest and dividend earnings on program accounts are deductible from state taxable income up to $150,000
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Funds may only be withdrawn for qualified first home purchases; non-qualified withdrawals result in forfeiture of tax benefits and taxation at normal rates
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The State Investment Commission will invest program funds in authorized investments including equities and fixed-income securities
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 Senate Finance
2/6/2026