Adopt the First-Time Home Buyer Savings Account Act and provide for income tax adjustments

Summary

The bill would let Nebraskans open a First‑Time Home Buyer Savings Account and deduct contributions from their state taxable income, encouraging savings for down payments and closing costs. It applies to individuals who have never owned a primary residence, with annual contribution limits of $5,000 for single filers and $10,000 for joint filers, and lifetime caps of $25,000 and $50,000 respectively. Withdrawals used for qualified home‑purchase expenses are allowed, but early withdrawals trigger income recapture and penalties.

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