HB 3375
Creating the “First Time Home Buyer Savings Account Act"
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates the "First Time Home Buyer Savings Account Act" in West Virginia, aiming to encourage saving for a down payment on a first home. It establishes a special savings account for first-time homebuyers, allowing them to subtract contributions from their federal adjusted gross income up to a certain limit. The bill outlines rules for the account, including penalties for withdrawing funds for non-eligible expenses and requires financial institutions to provide account holder information. It also mandates the Tax Commissioner to develop implementing rules and applies to tax years beginning after January 1, 2025.
Key provisions
- Creates a ‘First Time Home Buyer Savings Account’ for eligible West Virginia residents.
- Allows first-time homebuyers to subtract contributions to the account from their federal adjusted gross income, with limits.
- Establishes penalties for withdrawing funds from the account for purposes other than purchasing a single-family residence.
- Requires financial institutions to provide account holder information certificates.
- Mandates the Tax Commissioner to propose and implement rules for the account.
- Specifies the years to which the article applies (January 1, 2025 – December 31, 2030).
- Allows for joint accounts between two first-time homebuyers.
- Defines key terms related to the account and homeownership.
Who is affected
- First-time homebuyers in West Virginia
- Financial institutions operating in West Virginia
- Taxpayers in West Virginia
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours