Income Tax; Individual Housing Accounts; Pre-tax Savings; Maximum Annual Deduction; Maximum Total Deduction; Increase
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Progress
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- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
For taxable years beginning 1/1/2027: (1) increases the maximum annual and total allowable deduction for contributions to individual housing accounts for income tax deductions; and (2) increases the maximum allowable contributions for individual housing accounts to qualify for the income tax deductions. Repeals outdated language applicable to first‑time home purchases made before 1/1/1990, by persons with an individual housing account. (CD1)
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- SB2552 .PDF file
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