Introduced by Sen. Peter MacGregor (R) on July 12, 2017
To authorize a $5,000 state income tax exemption, and $10,000 for joint filers, if the income is contributed to a specialty savings account for home purchases by individuals who have not bought or owned a home in the past three years (dubbed by the bill a "first time home buyer"). Up to $50,000 could be contributed over time for purposes of buying a principal residence. Official Text and Analysis.
Referred to the Senate Finance Committee on July 12, 2017
Reported in the Senate on November 9, 2017
With the recommendation that the bill pass.
Amendment offered in the Senate on December 12, 2017
To cap the total amount of tax exemptions an account holder could claim for contributions at $50,000.
The amendment passed by voice vote in the Senate on December 12, 2017