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WV SB725
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Trenton Barnhart
Click for details
AI Summary
- Creates tax-advantaged savings accounts for West Virginia residents who have not owned a home in the prior three years to save for down payments and closing costs on a first home purchase
- Allows annual state income tax deductions of up to $5,000 for individual filers or $10,000 for joint filers, with a lifetime maximum of $50,000 in tax-exempt contributions and earnings over a 10-year period
- Phases out tax benefits for higher incomes, with no deduction allowed for joint filers earning $200,000+ or individual filers earning $100,000+
- Imposes a 10% penalty plus income tax on withdrawals not used for eligible home purchase costs, with exceptions for death, disability, or bankruptcy
- Applies to tax years beginning January 1, 2026, through January 1, 2032, with accounts established before 2030 retaining their tax-exempt status for the full 10-year term
Legislative Description
Creating First-Time Home Buyer Savings Account Act
Taxation
Last Action
To Finance
2/25/2026
Committee Referrals
Finance2/25/2026
Banking and Insurance2/3/2026
Full Bill Text
No bill text available