HB4947: Creating the “First Time Home Buyer Savings Account Act”

Legislative Summary

The purpose of this bill is to create the "First Time Home Buyer Savings Account Act". The bill provides for definitions. The bill creates a first time home buyer savings account. The bill provides for subtractions from federal adjusted gross income. The bill provides limits applicable to subtraction from federal adjusted gross income. The bill provides penalties for withdrawal of funds. The bill requires financial institution to provide account holder information certificate. The bill requires the Tax Commissioner to propose rules to implement this article. Finally, the bill states years to which this act applies.