Establishes New Jersey First-Time Home Buyer Savings Account Program; provides gross income tax benefits for certain contributions to and earnings on assets maintained in accounts established under program.

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Plain-English Summary

This bill establishes the New Jersey First-Time Home Buyer Savings Account Program to encourage homeownership. It allows eligible first-time buyers to open special savings accounts with financial institutions, with limits on contributions and account balances. If passed, the bill would provide state income tax benefits for contributions to these accounts and exempt earnings from taxes if used for qualified home purchases.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

Votes

Sponsorship · 5 Sponsors

Democrat5Republican0Independent0Other0

D · PrimeTroy Singleton
D · PrimeVin Gopal
D · CoBenjie Wimberly
D · CoLinda Greenstein
D · CoJames Beach

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