Oregon Senate Bill 849 (Prior Session Legislation)

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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 (Introduced) [PDF]

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 qualified beneficiary's eligible costs for first-time purchase of single family residence. Requires account holder to submit to Department of Revenue information on designated forms and detailed account of first-time home buyer savings account activity. Directs department to prepare forms and distribute informational materials. 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. 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.

Relating to first-time home buyer savings accounts; prescribing an effective date.

Sen. Mark Hass [D]	Sen. Mark Meek [D]	Rep. Mark Johnson [R]	Sen. Leslee Beyer [D]
Sen. Ted Ferrioli [R]	Sen. Tim Knopp [R]	Sen. Alan Olsen [R]	Sen. Richard Devlin [D]
Rep. Knute Buehler [R]	Rep. Margaret Doherty [D]	Rep. Sal Esquivel [R]	Rep. David Gomberg [D]
Rep. Alissa Keny-Guyer [D]	Rep. Ronald Noble [R]	Rep. Robert Nosse [D]	Rep. Duane Stark [R]

2017-03-22 - Senate - Senate Committee Do pass and refer to Finance and Revenue by prior reference (Y: 5 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2017-07-07	Senate	In committee upon adjournment.
2017-04-11	Senate	Public Hearing held.
2017-03-28	Senate	Recommendation: Do pass and be referred to Finance and Revenue by prior reference.
2017-03-22	Senate	Public Hearing and Work Session held.
2017-02-27	Senate	Referred to Business and Transportation, then Finance and Revenue.
2017-02-23	Senate	Introduction and first reading. Referred to President's desk.

Type	Source
Summary	https://olis.oregonlegislature.gov/liz/2017R1/Measures/Overview/SB849
Text	https://olis.oregonlegislature.gov/liz/2017R1/Downloads/MeasureDocument/SB849/Introduced
Roll Call	https://olis.oregonlegislature.gov/liz/2017R1/CommitteeReports/MajorityReport/24790