STATEMENT OF PURPOSE
RS26963
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 Savings Accounts would encourage individuals to save for their first home, offering a pre-tax
savings account for the eventual down-payment on a home, or other eligible home costs associated with
closing on their first home in Idaho. The allowable tax deduction for an individual account holder is
$3,000 per year, while the allowable tax deduction for a married couple is $6,000 per year. The proposed
legislation mirrors existing Idaho code for reporting and depository related matters for other tax-advantaged
savings accounts in Idaho.
FISCAL NOTE
The fiscal impact of this bill will be $430,060 to the General Fund.
Contact:
Representative Robert Anderst
(208) 332-1000
Max Pond
Idaho Association of REALTORS
(208) 230-6703
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note H0271


Statutes affected:
Bill Text: 26-216, 26-2151