14 Mar Support House Bill 1601, First-Time Home Buyer Savings Account
Last month, HB 1601, The First-Time Home Buyer Savings Account bill, passed out of the House of Representatives without a single “no” vote. Today, the Senate Finance Committee passed HB 1601 and it is before the Senate for consideration. For HB 1601 to remain alive, the Senate must act by Tuesday, March 14.
This legislation would allow for individual first-time home buyers to deduct up to $2,500 from state adjusted gross income annually and for couples to set aside $5,000 annually from their state adjusted gross income to establish a monetary savings account for a home purchase down payment or other related expenses.
The ability to produce a hefty down payment is often a major hurdle for first-time homebuyers, particularly young people who are grappling with massive student loan debt. The issue has become a critical concern for members of the real estate community, who have noticed a steady decline in the number of first-time and young home buyers in the market.
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