Introduced
by
To authorize a $5,000 state income tax exemption, and $10,000 for joint filers, if the income is contributed to a specialty savings account for home purchases by individuals who have not bought or owned a home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be contributed over time for purposes of buying a principal residence.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
To cap the total amount of tax exemptions an account holder could claim for contributions at $50,000.
The amendment passed by voice vote
Passed in the Senate 37 to 1 (details)
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Substitute offered
by
To replace the previous version of the bill with one that revises details but does not change the substance as previously described.
The substitute passed by voice vote
Passed in the House 90 to 19 (details)
To authorize a $5,000 state income tax exemption, and $10,000 for joint filers, if the income is contributed to a specialty savings account for home purchases by individuals who have not bought or owned a home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be contributed over time for purposes of buying a principal residence.
Passed in the Senate 35 to 0 (details)
To concur with the House-passed version of the bill.
