Virginia House Bill 1868 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 8-0)
Status: Engrossed on February 4 2013 - 50% progression, died in chamber
Action: 2013-02-12 - Passed by indefinitely in Finance with letter (15-Y 0-N)
Text: Latest bill text (Comm Sub) [HTML]

First-time home buyer savings account. Establishes beginning in 2013 first-time home buyer savings accounts that accrue tax-free income and that are to be used for saving funds for the purchase of homes by first-time home buyers. Funds in the account, including any income, would be exempt from individual income tax so long as withdrawals from the account are used for the down payment and allowable closing costs (eligible costs) for the purchase of a home by a first-time home buyer. The bill limits the amount of principal that can be contributed to any account to $50,000. Persons would be allowed to contribute only cash or marketable securities to a first-time home buyer savings account. Capital gains, interest income, or other income earned with regard to funds contained in the account would be excluded from income in computing Virginia individual income tax. However, if funds are withdrawn from the account for purposes other than to pay eligible costs, a penalty of 10 percent of the amount withdrawn would be imposed. In addition, the amount so withdrawn would be subject to individual income tax. No penalty or income tax would be imposed if the withdrawal is (i) 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) a transfer of assets between first-time home buyer savings accounts.

First-time home buyer; savings accounts for purchase of single-family residences, tax exemption.

Del. Kathy Byron [R]	Del. Anne Crockett-Stark [R]	Del. Christopher Peace [R]	Del. Thomas Rust [R]
Del. Scott Garrett [R]	Del. Thomas Greason [R]	Del. Barbara Comstock [R]	Del. David Ramadan [R]

2013-02-12 - Senate - Senate: Passed by indefinitely in Finance with letter (15-Y 0-N) (Y: 15 N: 0 NV: 0 Abs: 0) [PASS]
2013-02-05 - House - House: VOTE: BLOCK VOTE PASSAGE (100-Y 0-N) (Y: 102 N: 0 NV: 0 Abs: 0) [PASS]
2013-01-30 - House - House: Reported from Finance with substitute (22-Y 0-N) (Y: 23 N: 0 NV: 0 Abs: 0) [PASS]
2013-01-28 - House - House: Subcommittee recommends reporting with amendment(s) (8-Y 0-N) (Y: 8 N: 0 NV: 3 Abs: 0) [PASS]

Date	Chamber	Action
2013-02-12	Senate	Passed by indefinitely in Finance with letter (15-Y 0-N)
2013-02-08	Senate	Referred to Committee on Finance
2013-02-08	Senate	Constitutional reading dispensed
2013-02-06	Senate	Referred to Committee on Finance
2013-02-06	Senate	Constitutional reading dispensed
2013-02-05	House	VOTE: BLOCK VOTE PASSAGE (100-Y 0-N)
2013-02-05	House	Read third time and passed House BLOCK VOTE (100-Y 0-N)
2013-02-04	House	Engrossed by House - committee substitute HB1868H1
2013-02-04	House	Committee substitute agreed to 13104669D-H1
2013-02-04	House	Read second time
2013-02-01	House	Read first time
2013-01-30	House	Committee substitute printed 13104669D-H1
2013-01-30	House	Reported from Finance with substitute (22-Y 0-N)
2013-01-28	House	Subcommittee recommends reporting with amendment(s) (8-Y 0-N)
2013-01-14	House	Assigned Finance sub: #1
2013-01-08	House	Referred to Committee on Finance
2013-01-08	House	Prefiled and ordered printed; offered 01/09/13 13102564D

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?131+sum+HB1868
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+HB1868+hil
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?131+ful+HB1868H1+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?131+vot+H1001V0018+HB1868
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?131+vot+H10V0104+HB1868
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?131+vot+HV0526+HB1868
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?131+vot+S05V0239+HB1868