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 in Rhode Island, allowing individuals to save money specifically for purchasing their first home. It permits modifications to federal adjusted gross income for up to $50,000 in contributions and $150,000 of interest and dividends. Funds in the savings program can only be used for the purchase of a first home. The state investment commission manages the investments within the program fund. 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 in Rhode Island, allowing individuals to save money specifically for purchasing their first home. It permits modifications to federal adjusted gross income for up to $50,000 in contributions and $150,000 of interest and dividends. Funds in the savings program can only be used for the purchase of a first home. The state investment commission manages the investments within the program fund. The act takes effect upon passage.