Signed by Governor Kate Brown

Vote Smart's Synopsis:

Establishes tax-sheltered savings accounts for first-time home buyers and increases document-recording fees from $20 to $60.

Highlights:

• Authorizes an individual to create a first-time home buyer savings account with a  financial institution to be used to pay or reimburse the accountholder’s eligible costs related to the purchase of a single-family residence by entering into a first-time home buyer savings account agreement with the financial institution (Sec. 3). 

• Authorizes an individual to jointly own a first-time home buyer savings account with another person if the joint account holders are both first-time home buyers and file a joint income tax return (Sec. 3).

• Prohibits an individual to be the account holder for more than 1 first-time home buyer savings account (Sec. 3).

• Amends the amount the county clerk is authorized to charge for recording or filing fees from $20 to $60 (Sec. 10).

• Requires there to be subtracted from federal taxable income the amount of funds contributed by an account holder to the account holder’s first-time home buyer savings account during the tax year, not to exceed $5,000 for an account holder who files an additional income tax return or $10,000 for joint holders who file a joint income tax return (Sec 4).

Full Bill Text