Indiana HB1403 establishes a first time home buyer savings program to assist first time homebuyers in saving for a single family residence.

HB1403 creates a first time home buyer savings program to help first time homebuyers save for a single family residence. The program allows eligible individuals to open savings accounts at financial institutions, with contributions exempt from state taxation. Account holders can claim a tax credit of up to $5,000 or 20% of contributions, whichever is less. Funds in the accounts and withdrawals for eligible costs are exempt from state income tax.

Indiana HB1403 establishes a first time home buyer savings program to assist first time homebuyers in saving for a single family residence.

HB1403 creates a first time home buyer savings program to help first time homebuyers save for a single family residence. The program allows eligible individuals to open savings accounts at financial institutions, with contributions exempt from state taxation. Account holders can claim a tax credit of up to $5,000 or 20% of contributions, whichever is less. Funds in the accounts and withdrawals for eligible costs are exempt from state income tax.