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First-time home buyers get tax break on savings




Couples could sock away up to $5,000 a year in savings for their first home exempt from state income taxes under a bill the Legislature passed on Tuesday.

House Bill 1601, authored by House Ways and Means Chairman Jeff Smith, R-Columbus, starting next year would allow a single, first-time home buyer to save up to $2,500 a year exempt from state income taxes. A married couple filing taxes jointly could save up to $5,000 a year. There is no limit on the number of years or amount of savings, lawmakers said.


Clarion Ledger
3/14/17

Posted March 15, 2017 - 7:53 am

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