Iowa SF2326 modifies first-time homebuyers savings accounts by allowing employer contributions and retroactive applicability.

Iowa SF2326 amends first-time homebuyers savings accounts to allow employers to open accounts for employees. Employers can contribute to these accounts, which are tax-deductible. The accounts remain open for 10 years, with penalties for non-home-related withdrawals. The bill also applies retroactively to tax years beginning on or after January 1, 2026.

Iowa SF2326 modifies first-time homebuyers savings accounts by allowing employer contributions and retroactive applicability.

Iowa SF2326 amends first-time homebuyers savings accounts to allow employers to open accounts for employees. Employers can contribute to these accounts, which are tax-deductible. The accounts remain open for 10 years, with penalties for non-home-related withdrawals. The bill also applies retroactively to tax years beginning on or after January 1, 2026.