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WV HB3375

Bill

Official Source

Status

Introduced

3/14/2025

Primary Sponsor

Trenton Barnhart

Click for details

Origin

House of Delegates

2025 Regular Session

AI Summary

  • Creates tax-advantaged savings accounts for West Virginia residents who have not owned a home in the past three years to save for down payments and closing costs on a first home purchase
  • Allows annual tax deductions of up to $5,000 for individual filers or $10,000 for joint filers, with deduction limits phasing out for incomes between $150,000-$200,000 (joint) or $75,000-$100,000 (individual)
  • Caps the total tax-exempt contributions and earnings at $50,000 over a maximum 10-year savings period
  • Imposes a 10% penalty plus income tax on withdrawals used for purposes other than eligible home purchase costs, with exceptions for death, disability, or bankruptcy
  • Applies to tax years from January 1, 2025, through January 1, 2031, with accounts established before 2029 continuing to receive benefits for the full exemption period

Legislative Description

Creating the “First Time Home Buyer Savings Account Act"

Taxation

Last Action

To House Finance

3/14/2025

Committee Referrals

Finance3/14/2025

Full Bill Text

No bill text available