First-time home buyer savings plans; established. (HB331)
Introduced By
Del. Tag Greason (R-Potomac Falls) with support from co-patrons Del. Barbara Comstock (R-McLean), and Del. Alfonso Lopez (D-Arlington)
Progress
✓ |
Introduced |
✓ |
Passed Committee |
✓ |
Passed House |
✓ |
Passed Senate |
✓ |
Signed by Governor |
☐ |
Became Law |
Description
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 However, if moneys are withdrawn from the account for purposes other than to pay eligible costs, any income previously subtracted would be subject to recapture by the Commonwealth and a five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 There would be no recapture and addition to taxable income if the amounts withdrawn were (i) withdrawn because of the death or disability of the account beneficiary, (ii) a disbursement of assets pursuant to a filing for protection under federal bankruptcy laws,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 is a Virginia Housing Commission bill. Read the Bill »
Outcome
History
Date | Action |
---|---|
01/02/2014 | Committee |
01/02/2014 | Prefiled and ordered printed; offered 01/08/14 14102606D |
01/02/2014 | Referred to Committee on Appropriations |
01/10/2014 | Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources |
01/24/2014 | Impact statement from TAX (HB331) |
01/29/2014 | Subcommittee recommends reporting with amendment(s) (7-Y 0-N) |
02/03/2014 | Reported from Appropriations with substitute (22-Y 0-N) (see vote tally) |
02/03/2014 | Committee substitute printed 14104599D-H1 |
02/05/2014 | Read first time |
02/06/2014 | Passed by until Monday, February 10, 2014 |
02/10/2014 | Read second time |
02/10/2014 | Committee substitute agreed to 14104599D-H1 |
02/10/2014 | Engrossed by House - committee substitute HB331H1 |
02/11/2014 | Read third time and passed House BLOCK VOTE (99-Y 0-N) |
02/11/2014 | VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally) |
02/12/2014 | Constitutional reading dispensed |
02/12/2014 | Referred to Committee on Finance |
02/18/2014 | Impact statement from TAX (HB331H1) |
02/25/2014 | Reported from Finance (12-Y 4-N) (see vote tally) |
02/26/2014 | Constitutional reading dispensed (38-Y 0-N) |
02/27/2014 | Read third time |
02/27/2014 | Reconsideration of Senate passage agreed to by Senate (40-Y 0-N) |
02/27/2014 | Passed Senate (39-Y 1-N) |
03/04/2014 | Enrolled |
03/04/2014 | Bill text as passed House and Senate (HB331ER) |
03/04/2014 | Signed by Speaker |
03/07/2014 | Signed by President |
03/21/2014 | Impact statement from TAX (HB331ER) |
04/06/2014 | G Approved by Governor-Chapter 729 (effective 7/1/14) |
04/06/2014 | G Acts of Assembly Chapter text (CHAP0729) |