New Savings Plan For 1st Time Home Buyers

Legislature recently passed House Bill 589-First-time home buyer saving account.  This bill allows individuals who are purchasing their first home to contribute up to $15,000 in pre-tax contributions to a savings account each year (up to $30,000 for a married couple), which they could then put toward the costs of purchasing a single family residence.  The total contribution over the course of the lifetime can be up to $100,000.  Additionally, the total amount of both the yearly contribution and interest earned in this account could be deducted from an individual or married couple’s taxable income on their state income taxes.  Here’s a link for more information:   https://legislature.idaho.gov/sessioninfo/billbookmark/?yr=2020&bn=H0589