Idaho Bills

Adds to existing law to provide for first-time home buyer savings accounts.

The purpose of this legislation is to establish First-time Homebuyer Savings Accounts. Similar to existing Idaho tax-advantaged savings accounts for healthcare and educational purposes, Idaho's First-time Homebuyer SavingsAccountswouldencourageindividualstosavefortheirfirsthome,includingdown-paymentonahome, or other eligible home costs associated with closing on their first home in Idaho. The allowable tax deduction for an individual account holder is $15,000 per year, while the allowable tax deduction for a married couple is $30,000 per year. The proposed legislation mirrors existing Idaho code for reporting and depository related matters for other tax-advantaged savings accounts in Idaho.