First Time Homebuyer Savings Account Act Passes Legislature
First Time Homebuyer Savings Account Act passed the Legislature
CAR (Colorado Association of Realtors) is very pleased to announce that the First Time Homebuyer Savings Account Act passed the Legislature Tuesday morning after the State Senate gave the bill it’s final approval. CAR extends its deepest gratitude to House Majority Leader Crisanta Duran, Representative Joe Salazar, Senate Majority Leader Mark Scheffel and Senator Beth Martinez-Humenik for their sponsorship of HB-1467, and for their leadership and dedication on this issue.
Prospective Colorado first time homebuyers, and the State, will benefit by their great work.
A First-time Homebuyer Savings Account (FHSA) allows any Coloradan to set aside up to $50,000 toward the costs of purchasing a new home. The earnings on those funds — interest and capital gains — are free from Colorado state taxes forever. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home.
These accounts will be simple and easy to set up. Not only can you open a new one, you can also transfer money from one existing savings account to a FHSA. To create an FHSA, you simply include a form (promulgated by the Department of Revenue) when you file your state taxes designating the qualified beneficiary. A qualified beneficiary can be a child or grandchild, or the account holder may designate himself or herself as the qualified beneficiary.
To learn more about the First-time Homebuyer Savings Account,
(article shared from the CAR website)