Bill
Bill > H0589
summary
Introduced
03/02/2020
03/02/2020
In Committee
03/12/2020
03/12/2020
Crossed Over
03/06/2020
03/06/2020
Passed
Dead
Signed/Enacted/Adopted
03/20/2020
03/20/2020
Introduced Session
2020 Regular Session
Bill Summary
FIRST-TIME HOME BUYERS -- Adds to existing law to provide for first-time home buyer savings accounts.
AI Summary
This bill adds a new section to Idaho law to provide for first-time home buyer savings accounts. The key provisions include: allowing individuals who are first-time home buyers in Idaho to establish these accounts and deduct up to $15,000 annually ($30,000 for married couples filing jointly) from their taxable income for contributions to the account; requiring the account holder to be the beneficiary of the account; limiting withdrawals to eligible home costs, such as down payments and closing costs, without penalty; and requiring depositories to report withdrawals to the Idaho State Tax Commission. The bill also states that it will be effective retroactively to January 1, 2020.
Committee Categories
Budget and Finance, Justice
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Revenue and Taxation Committee (House)
Last Action
Reported Signed by Governor on March 24, 2020 Session Law Chapter 252 Effective: Retroactive to 01/01/2020 (on 03/20/2020)
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/2020/legislation/H0589/ |
| BillText | https://legislature.idaho.gov/wp-content/uploads/sessioninfo/2020/legislation/H0589.pdf |
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