Last Action | 01/10/25: to Committee on Committees (H) |
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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 |
01/10/25 |
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Last updated: 1/10/2025 12:52 PM (EST)