House Bill 195

Actions
Last Action 01/10/25: to Committee on Committees (H)
Title AN ACT relating to tax incentives for first-time home buyers.
Bill Documents Introduced
Bill Request Number 1196
Sponsor S. Witten
Summary of Original Version Create a new section of 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, 2026, but before January 1, 2036; 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
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
Banks and Financial Institutions - Contributions to an eligible savings account, first-time home buyer, income tax deduction
Reports Mandated - Department of Revenue, income tax, first-time home buyer incentives

Actions

Top
01/10/25
  • introduced in House
  • to Committee on Committees (H)


Last updated: 1/10/2025 12:52 PM (EST)