Introduced
by
To create an IRA-like, state tax-deductable home ownership program. A taxpayer could contribute up to $10,000 each year, $20,000 for a joint return, into an account, and this would be deductable from state (but not federal) income tax. The most that could be deposited over time would be $100,000. The accounts would be managed by a company under contracted to the state, who would create a menu of investment options an account owner could select. Interest and capital gains would be state-income tax deductable. The money could only be spent on home purchases or home improvements. Money withdrawn for other purposes would be subject to a 10 percent penalty.
Referred to the Committee on Tax Policy
