Bill
Bill > SB629
summary
Introduced
01/14/2026
01/14/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
2026 Regular Regular Session
Bill Summary
First-time home buyer savings plan; townhouses; principal limits. Includes townhouses in the definition of single-family residence for purposes of the First-Time Home Buyer Savings Plan Act. The bill also increases (i) the aggregate amount of principal that can be contributed to a first-time home buyer savings account from $50,000 to $100,000 and (ii) the limit on the amount of principal and interest or other income on the principal that may be retained in such an account from $150,000 to $200,000.
AI Summary
This bill expands the benefits of the First-Time Home Buyer Savings Plan Act by including townhouses within the definition of a single-family residence, making them eligible for savings plans. Additionally, it significantly increases the financial limits associated with these savings accounts: the maximum amount of principal that can be contributed to an account is raised from $50,000 to $100,000, and the total amount of principal, interest, or other income that can be held in the account is increased from $150,000 to $200,000. These changes aim to provide greater financial assistance to individuals and families looking to purchase their first home in Virginia.
Committee Categories
Budget and Finance, Housing and Urban Affairs, Justice
Sponsors (1)
Last Action
Continued to next session in Finance and Appropriations (15-Y 0-N) (on 02/10/2026)
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://lis.virginia.gov/bill-details/20261/SB629 |
| General Laws and Technology Amendment | https://lis.virginia.gov/bill-details/20261/SB629/text/SB629AS1 |
| General Laws and Technology Amendment | https://lis.virginia.gov/bill-details/20261/SB629/text/SB629ASC2 |
| General Laws and Technology Amendment | https://lis.virginia.gov/bill-details/20261/SB629/text/SB629ASC1 |
| Fiscal Note/Analysis - Fiscal Impact statement From TAX (1/23/2026 2:35 pm) | https://lis.blob.core.windows.net/files/1095803.PDF |
| BillText | https://lis.virginia.gov/bill-details/20261/SB629/text/SB629 |
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