Virginia SB629 establishes a first-time homebuyer savings plan with tax benefits and principal limits.
Virginia SB629 creates a first-time homebuyer savings account to help individuals purchase a single-family residence. The account allows for tax-exempt interest and principal contributions up to $50,000. Funds can only be used for eligible costs like down payments and closing costs. The account can be held by a financial institution and is subject to certain conditions and limitations.
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- Legal Framework
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