summary
Introduced
01/13/2025
01/13/2025
In Committee
06/13/2025
06/13/2025
Crossed Over
03/11/2025
03/11/2025
Passed
Dead
06/27/2025
06/27/2025
Introduced Session
2025 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: The Act extends date by which one must open first-time home buyer savings account in order to claim tax benefits. (Flesch Readability Score: 63.8). Extends the date by which an account holder must open a first-time home buyer savings account in order to claim a subtraction for contributed funds or an exemption for earnings. Extends the sunset for the use of the subtraction and exemption.
AI Summary
This bill extends the timeframe for first-time home buyer savings accounts in Oregon, modifying existing tax law to provide continued financial benefits for potential homeowners. Specifically, the bill changes the deadline for opening a first-time home buyer savings account from January 1, 2027 to January 1, 2032, and extends the applicability of related tax provisions from January 1, 2037 to January 1, 2042. Under this account program, individuals can subtract up to $5,000 (for individual filers) or $10,000 (for joint filers) in account contributions from their federal taxable income, and earnings on the account remain tax-exempt until withdrawal. Account holders can claim these tax benefits for up to 10 years from the account's opening, with a total aggregate limit of $50,000 in principal and earnings. The bill effectively provides a five-year extension to the existing program, giving potential first-time home buyers more time to save and take advantage of these tax incentives while maintaining the original program's core structure and limitations.
Committee Categories
Budget and Finance
Sponsors (0)
No sponsors listed
Last Action
In committee upon adjournment. (on 06/27/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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