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.
90 Yeas / 19 Nays | |
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Excused or Not Voting (1) | |
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