House Bill 222

Actions
Last Action 01/10/24: to Committee on Committees (H)
Title AN ACT relating to tax incentives for first-time home buyers.
Bill Documents Introduced
Bill Request Number 1142
Sponsors K. Timoney, K. Banta, T. Bojanowski, K. Bratcher, S. Bratcher, S. Doan, C. Freeland, A. Gentry, D. Grossberg, S. Heavrin, W. Lawrence, S. Lewis, M. Meredith, K. Moser, J. Nemes, R. Palumbo, R. Roarx, W. Thomas, S. Witten
Summary of Original Version Create a new section in KRS Chapter 141 to define terms; establish a tax deduction for contributions made to an eligible savings account by a first-time home buyer and allow an exclusion from income for any interest earned from an eligible savings account of a first-time home buyer effective for taxable years beginning on or after January 1, 2025, but before January 1, 2035; require the Department of Revenue to report to the Legislative Research Commission and the Interim Joint Committee on Appropriations and Revenue; amend KRS 141.019 and 131.190 to conform.
Index Headings of Original Version Real Estate - First- time home buyer, tax incentives, eligible savings account
Banks and Financial Institutions - Contributions to an eligible savings account, first-time home buyer, income tax deduction
Taxation - First-time home buyer, tax incentives
Taxation, Income--Individual - Deduction, contributions to an eligible savings account by a first-time home buyer
Taxation, Income--Individual - Tax exclusion, income earned from an eligible savings account

Actions

Top
01/10/24
  • introduced in House
  • to Committee on Committees (H)


Last updated: 4/14/2024 1:20 PM (EDT)