Establishes a savings account program for first-time home buyers in West Virginia to help with down payments and closing costs.

The bill creates the "First Time Home Buyers Savings Account Act" in West Virginia. It allows individuals to establish savings accounts with financial institutions to save for the purchase of a single-family residence. Contributions to these accounts are exempt from state income tax until withdrawn for eligible costs. The accounts can be jointly owned by first-time home buyers who file a joint income tax return. The Tax Commissioner will create a means for designating the subtraction to which an account holder is entitled on the state income tax return form.

Establishes a savings account program for first-time home buyers in West Virginia to help with down payments and closing costs.

The bill creates the "First Time Home Buyers Savings Account Act" in West Virginia. It allows individuals to establish savings accounts with financial institutions to save for the purchase of a single-family residence. Contributions to these accounts are exempt from state income tax until withdrawn for eligible costs. The accounts can be jointly owned by first-time home buyers who file a joint income tax return. The Tax Commissioner will create a means for designating the subtraction to which an account holder is entitled on the state income tax return form.