Establishes a first time home buyer savings program allowing modifications to federal adjusted gross income for contributions and interest/dividends.

The bill establishes the first time home buyer savings program, allowing participants to contribute up to $50,000 and subtract this amount from federal adjusted gross income. Participants can also subtract up to $150,000 of interest and dividends from federal adjusted gross income. Funds in the savings account can only be used for the purchase of a first home, with penalties for non-qualified withdrawals. The program is managed by the general treasurer, in conjunction with the division of taxation and the state investment commission. The act takes effect upon passage.

Establishes a first time home buyer savings program allowing modifications to federal adjusted gross income for contributions and interest/dividends.

The bill establishes the first time home buyer savings program, allowing participants to contribute up to $50,000 and subtract this amount from federal adjusted gross income. Participants can also subtract up to $150,000 of interest and dividends from federal adjusted gross income. Funds in the savings account can only be used for the purchase of a first home, with penalties for non-qualified withdrawals. The program is managed by the general treasurer, in conjunction with the division of taxation and the state investment commission. The act takes effect upon passage.