Digest: Changes accounts for first-time home buyers, for accounts starting in 2025. Requires taxpayer to keep records. Changes rules for banks. Becomes law 91 days from sine die. (Flesch Readability Score: 62.1).
Modifies provisions governing first-time home buyer savings accounts. Eliminates the requirement that a financial institution provide an annual certificate with account details to account holders. Allows an account holder to designate a proposed first-time home buyer as a beneficiary of the account. Specifies information that must be maintained by a taxpayer claiming a subtraction or exemption for accounts. Limits Department of Revenue rulemaking.
Applies to first-time home buyer savings accounts created on or after January 1, 2025.
Takes effect on the 91st day following adjournment sine die.

Statutes affected:
Introduced: 316.796, 316.797, 316.803
A-Engrossed: 316.796, 316.797, 316.803
Enrolled: 316.796, 316.797, 316.803