Bill
Bill > H0271
ID H0271
ID H0271Adds to and amends existing law to provide for first-time home buyer savings accounts, to revise custodial account provisions, and to revise provisions regarding credit unions acting as custodians or fiduciaries under certain trust instruments or custodial agreements.
summary
Introduced
03/13/2019
03/13/2019
In Committee
03/14/2019
03/14/2019
Crossed Over
Passed
Dead
04/11/2019
04/11/2019
Introduced Session
2019 Regular Session
Bill Summary
FIRST-TIME HOME BUYERS -- Adds to and amends existing law to provide for first-time home buyer savings accounts, to revise custodial account provisions, and to revise provisions regarding credit unions acting as custodians or fiduciaries under certain trust instruments or custodial agreements.
AI Summary
This bill adds a new section to Idaho's tax code to provide for first-time home buyer savings accounts. The bill allows individuals or married couples filing jointly to deduct up to $3,000 or $6,000, respectively, per year in contributions and interest earned on these accounts. The accounts can be used to cover eligible home costs, such as down payments and closing costs, for the purchase of a single-family residence in Idaho by a first-time home buyer. The bill also revises provisions to allow banks, savings and loan associations, credit unions, and trust companies to act as custodians or fiduciaries for these first-time home buyer savings accounts, as well as other tax-advantaged savings plans.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue and Taxation Committee (House)
Last Action
Reported Printed and Referred to Revenue & Taxation (on 03/14/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://legislature.idaho.gov/sessioninfo/2019/legislation/H0271/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2019/legislation/H0271.pdf |
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