24RS HB 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