HB183

Virginia HB183 establishes a first-time homebuyer savings plan with principal limits for townhouses and single-family residences.

Virginia HB183 creates a first-time homebuyer savings plan allowing individuals to save for the purchase of a single-family residence or townhouse. The plan includes an aggregate limit of $100,000 per account and a $200,000 limit on principal contributions. Only cash and marketable securities can be contributed. The account holder must not have owned a principal residence in the past three years. The plan exempts interest and income from Virginia income tax, but the account holder must report losses as capital losses.