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SB893 • 2025

Permits a person to open a first-time home buyer savings account until January 1, 2030, and doubles the annual contribution limits on the accounts.

Permits a person to open a first-time home buyer savings account until January 1, 2030, and doubles the annual contribution limits on the accounts.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Senator Anderson
Last action
2025-06-27
Official status
In Senate Committee
Effective date
Not listed

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Bill History

  1. 2025-06-27 Senate

    In committee upon adjournment.

  2. 2025-01-21 Senate

    Introduction and first reading. Referred to President's desk.

  3. 2025-01-21 Senate

    Referred to Finance and Revenue.

Official Summary Text

Digest: Doubles the amount of money a person can put in a savings account each year for a first home purchase. (Flesch Readability Score: 72.3).
Permits a person to open a first-time home buyer savings account until January 1, 2030, and doubles the annual contribution limits on the accounts. Permits a person other than the account holder to take a subtraction and exemption for contributions to the account if the account holder does not take the subtraction and exemption.
Takes effect on the 91st day following adjournment sine die.
Relating to: Relating to first-time home buyer savings accounts; prescribing an effective date.
Current location: In Senate Committee