| Last Action | 02/04/25: to Appropriations & Revenue (H) |
|---|---|
| Title | AN ACT relating to tax incentives for first-time home buyers. |
| Bill Documents | Introduced |
| Bill Request Number | 1196 |
| Sponsors | S. Witten, K. Banta, T. Bojanowski, K. Fleming, A. Gentry, D. Grossberg, S. Heavrin, K. Jackson, K. King, C. Lewis, D. Lewis, S. Lewis, J. Nemes, J. Payne, M. Pollock, S. Riley, R. Roarx, T. Smith, W. Thomas, J. Watkins |
| 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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| 02/04/25 |
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Last updated: 2/21/2025 4:29 PM (EST)