Bill
Bill > H7798
RI H7798
RI H7798Establishes the first time home buyer savings program act. Allows modifications to federal adjusted gross income for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.
summary
Introduced
02/12/2026
02/12/2026
In Committee
02/12/2026
02/12/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
This act would establish the first time home buyer savings program fund for first time home buyers. This act would allow modifications to federal adjusted gross income for up to fifty thousand dollars ($50,000) in contributions and up to one hundred and fifty thousand dollars ($150,000) of interest and dividends. This act would take effect upon passage.
AI Summary
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 a dedicated savings account and may subtract this amount from their federal adjusted gross income, which is their income after certain deductions and adjustments used for federal tax purposes. Additionally, participants can subtract up to $150,000 of interest and dividend income from their federal adjusted gross income, also impacting their state tax liability. Funds in the account can only be used for the purchase of a first home, and withdrawals for other purposes will result in the forfeiture of these tax modifications and taxation at the normal rate. The state investment commission will invest the funds within the program.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Introduced, referred to House Finance (on 02/12/2026)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://status.rilegislature.gov/ |
| BillText | https://webserver.rilegislature.gov/BillText26/HouseText26/H7798.pdf |
Loading...