This bill creates down payment savings accounts that help first-time homebuyers save money for buying a home. It allows them to deduct their contributions from their taxes, making homeownership more affordable.
If you are a first-time homebuyer, you can save money on taxes while saving for your new home.
Who this affects
First-time homebuyers · Individuals saving for down payment
What changes is this bill making?
1This bill allows people to create special savings accounts for down payments on homes.
2Individuals can deduct contributions to these accounts from their taxable income.
3Only first-time homebuyers can use these accounts for down payments and closing costs.
4There are limits on how much money can be contributed each year.
5The deduction amount decreases for individuals with higher incomes.
