OR HB2996 | 2017 | Regular Session
Status
Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on July 7 2017 - 100% progression
Action: 2017-07-07 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Spectrum: Bipartisan Bill
Status: Failed on July 7 2017 - 100% progression
Action: 2017-07-07 - In committee upon adjournment.
Text: Latest bill text (Engrossed) [PDF]
Summary
Designates Act as Oregon First-Time Home Buyer Savings Account Act. Permits individual to create first-time home buyer savings account with financial institution to pay or reimburse account holder's eligible costs for first-time purchase of single family residence. Allows subtraction from account holder's federal taxable income amounts contributed to first-time home buyer savings account during each tax year. Exempts from taxation amount of interest and other income earned on account. Disallows subtraction or exemption from taxable income for person other than account holder who contributes funds to account. Provides that withdrawals for other than approved purposes are taxable income to account holder. Establishes amount and time limitations on subtractions and exemptions from taxable income. Directs Department of Revenue to create means for designating subtraction to which account holder is entitled in individual state income tax return form. Requires financial institution to provide account holder with certificate containing specified information about account. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Takes effect on 91st day following adjournment sine die.
Title
Relating to first-time home buyer savings accounts; prescribing an effective date.
Sponsors
Roll Calls
2017-04-18 - House - House Committee Do pass with amendments and be referred to Revenue by prior reference. (Printed A-Eng.) (Y: 9 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2017-07-07 | House | In committee upon adjournment. |
| 2017-04-25 | House | Referred to Revenue by prior reference. |
| 2017-04-25 | House | Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Revenue by prior reference. |
| 2017-04-18 | House | Work Session held. |
| 2017-04-13 | House | Work Session held. |
| 2017-03-23 | House | Public Hearing held. |
| 2017-03-01 | House | Referred to Human Services and Housing with subsequent referral to Revenue. |
| 2017-02-23 | House | First reading. Referred to Speaker's desk. |
