Virginia House Bill 331 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on April 6 2014 - 100% progression
Action: 2014-04-06 - Governor: Acts of Assembly Chapter text (CHAP0729)
Text: Latest bill text (Chaptered) [HTML]

First-time home buyer savings plans. Establishes first-time home buyer savings accounts that are to be used for saving funds for the purchase of homes by first-time home buyers. Moneys in the account are required to be used solely for the down payment and closing costs for the purchase of a home by a first-time home buyer. The bill establishes an individual income tax subtraction for income earned on contributions to the account. However, if moneys are withdrawn from the account for purposes other than to pay eligible costs, any income previously subtracted would be subject to recapture by the Commonwealth and a five percent penalty would be imposed. There would be no recapture and addition to taxable income if the amounts withdrawn were (i) withdrawn because of the death or disability of the account beneficiary, (ii) a disbursement of assets pursuant to a filing for protection under federal bankruptcy laws, or (iii) transferred to another first-time home buyer savings account. The bill limits the amount of principal that can be contributed to any account to $50,000 and limits the total amount that can be retained in an account at any time to $150,000. Persons would be allowed to contribute only cash or marketable securities to a first-time home buyer savings account. This bill as introduced was a recommendation of the Virginia Housing Commission.

First-time home buyer savings plans; established.

Sen. Lynwood Lewis [D]	Del. Christopher Peace [R]	Del. Thomas Rust [R]	Del. Luke Torian [D]
Del. Thomas Greason [R]	Del. Mark Keam [D]	Del. Barbara Comstock [R]	Del. Alfonso Lopez [D]
Del. Randall Minchew [R]	Del. David Ramadan [R]	Del. David Yancey [R]	Del. Marcus Simon [D]
Del. Michael Futrell [D]	Del. Dave LaRock [R]	Del. James Leftwich [R]

2014-02-27 - Senate - Senate: Passed Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2014-02-27 - Senate - Senate: Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) (Y: 40 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-27 - Senate - Senate: Passed Senate (39-Y 1-N) (Y: 39 N: 1 NV: 0 Abs: 0) [PASS]
2014-02-26 - Senate - Senate: Constitutional reading dispensed (38-Y 0-N) (Y: 38 N: 0 NV: 2 Abs: 0) [PASS]
2014-02-25 - Senate - Senate: Reported from Finance (12-Y 4-N) (Y: 12 N: 4 NV: 0 Abs: 0) [PASS]
2014-02-11 - House - House: VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (Y: 101 N: 0 NV: 0 Abs: 0) [PASS]
2014-02-03 - House - House: Reported from Appropriations with substitute (22-Y 0-N) (Y: 22 N: 0 NV: 0 Abs: 0) [PASS]
2014-01-29 - House - House: Subcommittee recommends reporting with amendment(s) (7-Y 0-N) (Y: 7 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2014-04-06		Governor: Acts of Assembly Chapter text (CHAP0729)
2014-04-06		Governor: Approved by Governor-Chapter 729 (effective 7/1/14)
2014-03-07	Senate	Signed by President
2014-03-04	House	Signed by Speaker
2014-03-04	House	Bill text as passed House and Senate (HB331ER)
2014-03-04	House	Enrolled
2014-02-27	Senate	Passed Senate (39-Y 1-N)
2014-02-27	Senate	Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
2014-02-27	Senate	Passed Senate (39-Y 1-N)
2014-02-27	Senate	Read third time
2014-02-26	Senate	Constitutional reading dispensed (38-Y 0-N)
2014-02-25	Senate	Reported from Finance (12-Y 4-N)
2014-02-12	Senate	Referred to Committee on Finance
2014-02-12	Senate	Constitutional reading dispensed
2014-02-11	House	VOTE: BLOCK VOTE PASSAGE (99-Y 0-N)
2014-02-11	House	Read third time and passed House BLOCK VOTE (99-Y 0-N)
2014-02-10	House	Engrossed by House - committee substitute HB331H1
2014-02-10	House	Committee substitute agreed to 14104599D-H1
2014-02-10	House	Read second time
2014-02-06	House	Passed by until Monday, February 10, 2014
2014-02-05	House	Read first time
2014-02-03	House	Committee substitute printed 14104599D-H1
2014-02-03	House	Reported from Appropriations with substitute (22-Y 0-N)
2014-01-29	House	Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
2014-01-10	House	Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
2014-01-02	House	Referred to Committee on Appropriations
2014-01-02	House	Prefiled and ordered printed; offered 01/08/14 14102606D

Chapter	Article	Section	Citation Type	Statute Text
58	1	322	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?141+sum+HB331
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB331+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB331H1+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+HB331ER+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?141+ful+CHAP0729+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H0203V0008+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+H02V0020+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+HV0601+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+S05V0207+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0585HB0331+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0639HB0331+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0640HB0331+HB0331
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?141+vot+SV0641HB0331+HB0331