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2017 Regular Session
Overview
At the request of: (at the request of Oregon Association of Realtors)
Chief Sponsors: Senator Hass, Representative Meek, Johnson, Senator Beyer, Ferrioli, Knopp, Olsen
Regular Sponsors: Senator Devlin, Representative Buehler, Doherty, Esquivel, Gomberg, Keny-Guyer, Noble, Nosse, Stark
Bill Title: Relating to first-time home buyer savings accounts; prescribing an effective date.
Catchline/Summary: Designates Act as Oregon First-Time Home Buyer Savings Account Act.
Permits individual to create first-time home buyer savings account with financial institution to pay or reimburse qualified beneficiary's eligible costs for first-time purchase of single family residence. Requires account holder to submit to Department of Revenue information on designated forms and detailed account of first-time home buyer savings account activity. Directs department to prepare forms and distribute informational materials. Allows subtraction from account holder's federal taxable income amounts contributed to first-time home buyer savings account during each tax year. Exempts from taxation amount of interest and other income earned on account. Disallows subtraction or exemption from taxable income for person other than account holder who contributes funds to account. Provides that withdrawals for other than approved purposes are taxable income to account holder. Establishes amount and time limitations on subtractions and exemptions from taxable income. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact: Fiscal Impact Issued
Revenue Impact: Revenue Impact Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: In Senate Committee
Current Committee: Senate Committee On Finance and Revenue
Current Subcommittee:
Subsequent Referral(s):
Measure History
Scheduled Events