Bill > H0483

This bill adds to and amends existing law to provide for first-time home buyer savings accounts. The key provisions of the bill include: 1. Allowing individuals who live in Idaho and are first-time home buyers to establish a first-time home buyer savings account with a depository (e.g., bank, credit union) to save for eligible home costs, such as a down payment or closing costs. 2. Providing an annual tax deduction of up to $15,000 for an individual or $30,000 for a married couple filing jointly for contributions and interest earned on the first-time home buyer savings account. 3. Allowing the account holder to withdraw funds from the account without tax penalties when the funds are used for eligible home costs, and subjecting other withdrawals to regular tax liabilities. 4. Requiring depositories to report withdrawals and account holders to provide information about their accounts on their state income tax returns. The bill aims to encourage and assist first-time home buyers in Idaho by providing tax incentives for saving for the costs associated with purchasing a single-family residence in the state.

Budget and Finance, Justice

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2020/legislation/H0483/