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 However, if moneys are withdrawn from the account for purposes other than to pay eligible costs, any income previously subtracted would be subject to recapture by the Commonwealth and a five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 There would be no recapture and addition to taxable income if the amounts withdrawn were (i) withdrawn because of the death or disability of the account beneficiary, (ii) a disbursement of assets pursuant to a filing for protection under federal bankruptcy laws,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. Amends § 58.1-322, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
01/02/2014Committee
01/02/2014Prefiled and ordered printed; offered 01/08/14 14102606D
01/02/2014Referred to Committee on Appropriations
01/10/2014Assigned App. sub: Agriculture, Commerce, Technology and Natural Resources
01/24/2014Impact statement from TAX (HB331)
01/29/2014Subcommittee recommends reporting with amendment(s) (7-Y 0-N)
02/03/2014Reported from Appropriations with substitute (22-Y 0-N) (see vote tally)
02/03/2014Committee substitute printed 14104599D-H1
02/05/2014Read first time
02/06/2014Passed by until Monday, February 10, 2014
02/10/2014Read second time
02/10/2014Committee substitute agreed to 14104599D-H1
02/10/2014Engrossed by House - committee substitute HB331H1
02/11/2014Read third time and passed House BLOCK VOTE (99-Y 0-N)
02/11/2014VOTE: BLOCK VOTE PASSAGE (99-Y 0-N) (see vote tally)
02/12/2014Constitutional reading dispensed
02/12/2014Referred to Committee on Finance
02/18/2014Impact statement from TAX (HB331H1)
02/25/2014Reported from Finance (12-Y 4-N) (see vote tally)
02/26/2014Constitutional reading dispensed (38-Y 0-N)
02/27/2014Read third time
02/27/2014Reconsideration of Senate passage agreed to by Senate (40-Y 0-N)
02/27/2014Passed Senate (39-Y 1-N)
03/04/2014Enrolled
03/04/2014Bill text as passed House and Senate (HB331ER)
03/04/2014Signed by Speaker
03/07/2014Signed by President
03/21/2014Impact statement from TAX (HB331ER)
04/06/2014G Approved by Governor-Chapter 729 (effective 7/1/14)
04/06/2014G Acts of Assembly Chapter text (CHAP0729)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 3 clips in all, totaling 3 minutes.