House approves bill for homebuyer savings accounts

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The state House of Representatives has voted to give first-time homebuyers a tax deduction for money saved toward the purchase.

House Bill 1981 was advanced to the Senate on Monday by a vote of 189-1.

The proposal would allow first-time homebuyers to open special saving accounts and claim state deductions for savings toward the purchase of a single-family home.

People who have not owned or purchased a home within the three years leading up to the purchase could also qualify.

Account holders would be permitted to contribute up to $50,000 over a 10-year period. Annual contributions would be capped at $5,000 for single taxpayers and $10,000 for those filing a joint return.

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