Adopt the First-Time Homebuyers Savings Account Act and provide income tax adjustments

Summary

The bill amends Nebraska's tax code to let individuals (or married couples filing jointly) open a special savings account for a first home, deduct contributions and interest from their federal adjusted gross income, and penalize non‑qualified withdrawals. It also adds dozens of other adjustments that subtract or add specific items – such as interest on U.S. bonds, foreign taxes, military retirement benefits, and capital‑gain treatment – from or to federal adjusted gross income for individuals, corporations and fiduciaries. The changes were intended to encourage homeownership and align Nebraska tax calculations with a range of federal tax provisions, but the measure failed and was indefinitely postponed.

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