Idaho Governor Signs Law Establishing First-Time Home Buyer Accounts, Income Tax Deduction

The Idaho Governor March 24 signed a law establishing provisions aimed at helping first-time home buyers. The law includes measures: 1) establishing First-time Homebuyer Savings Accounts for individuals to save for a down payment or other eligible home costs associated with closing; 2) allowing first-time home buyers a deduction in an amount up to $15,000 per year for an individual, or $30,000 per year for a married couple filing jointly; and 3) defining terms. The law took effect March 24 and applies retroactively from Jan. 1. [/ID\FINAL\2020R1HB589///, enacted 03/24/20]

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