Bill > S2442

This bill establishes the First-Time Home Buyer Savings Program Act, creating a fund managed by the general treasurer, division of taxation, and state investment commission to help individuals save for their first home. Participants can contribute up to $50,000 to this fund and may subtract this amount from their federal adjusted gross income, which is their income after certain deductions and adjustments for federal tax purposes. Additionally, participants can subtract up to $150,000 of interest and dividend income from their federal adjusted gross income, provided these funds are used for a qualified home purchase. If funds are withdrawn for non-qualified purposes, these tax modifications will be forfeited, and the participant will be taxed at the normal rate. The state investment commission will invest the money in the fund. This act takes effect upon passage.

Budget and Finance

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