Amendment S.3101

Summary

The bill lets individuals open a rental savings account at a financial institution to save cash or marketable securities for qualifying rental expenses such as first and last month’s rent, a security deposit, and lock installation. Contributions up to $15,000 (or $30,000 for joint filers) are deductible from state income tax, and earnings are excluded, provided the money stays in the account until used for eligible costs. It also sets reporting requirements and penalties for withdrawals that are not used for those costs.

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