Rhode Island S2367 establishes a first-time homebuyer savings account to help individuals purchase their first home.

Rhode Island S2367 creates a first-time homebuyer savings account program. This program allows first-time homebuyers to contribute funds to a savings account with Rhode Island housing. These funds can be used for eligible costs related to purchasing a home in Rhode Island. Contributions to the account can be made by the account holder or others. The account offers tax deductions and exemptions for contributions and earnings, up to certain limits. Funds can only be used for eligible costs, and withdrawals for other purposes incur penalties.

Rhode Island S2367 establishes a first-time homebuyer savings account to help individuals purchase their first home.

Rhode Island S2367 creates a first-time homebuyer savings account program. This program allows first-time homebuyers to contribute funds to a savings account with Rhode Island housing. These funds can be used for eligible costs related to purchasing a home in Rhode Island. Contributions to the account can be made by the account holder or others. The account offers tax deductions and exemptions for contributions and earnings, up to certain limits. Funds can only be used for eligible costs, and withdrawals for other purposes incur penalties.