2017 Regular Session
|At the request of:||(at the request of Oregon Association of Realtors)|
|Chief Sponsors:||Representative Meek, Senator Olsen, Representative Johnson|
|Regular Sponsors:||Representative Buehler, Bynum, Doherty, Esquivel, Kennemer, Keny-Guyer, Marsh, Noble, Nosse, Olson, Smith G, Stark, Senator Devlin, Hass|
|Bill Title:||Relating to first-time home buyer savings accounts; prescribing an effective date.|
|Catchline/Summary:||Designates Act as Oregon First-Time Home Buyer Savings Account Act.
Permits individual to create first-time home buyer savings account with financial institution to pay or reimburse qualified beneficiary's] account holder's eligible costs for first-time purchase of single family residence. Requires account holder to submit to Department of Revenue information on designated forms and detailed account of first-time home buyer savings account activity. Directs department to prepare forms and distribute informational materials.] Allows subtraction from account holder's federal taxable income amounts contributed to first-time home buyer savings account during each tax year. Exempts from taxation amount of interest and other income earned on account. Disallows subtraction or exemption from taxable income for person other than account holder who contributes funds to account. Provides that withdrawals for other than approved purposes are taxable income to account holder. Establishes amount and time limitations on subtractions and exemptions from taxable income. Directs Department of Revenue to create means for designating subtraction to which account holder is entitled in individual state income tax return form. Requires financial institution to provide account holder with certificate containing specified information about account. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|