Establishes a First-Time Home Buyer Savings Account to help individuals save for down payments and closing costs.
The bill creates the First-Time Home Buyer Savings Account Act, allowing individuals to open accounts with financial institutions to save for down payments and closing costs on primary residences. Contributions are tax-deductible up to certain limits, and earnings are tax-free if used for eligible expenses. The accounts can be used by first-time homebuyers who have not owned a primary residence or those who have been divorced and not listed on tax returns for over 18 years.
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