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Guideline Development - First-Time Home Buyer Savings Accounts Guidelines

During the 2014 Session, the Virginia General Assembly enacted legislation that allows individuals to designate a bank account as a tax exempt first-time home buyer savings account.  Distributions from such accounts may only be used for the purpose of paying or reimbursing the down payment and allowable closing costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary. 

The Department of Taxation ("the Department") is currently developing guidelines to carry out the provisions of this legislation.

Legislative Documents 

HB 331 (2014)     Text     PDF     Fiscal Impact Statement

Guideline Development Documents

Workplan (PDF 14 KB)

Draft Guidelines (PDF 70 KB)

Last Updated 11/7/2014 15:25

 

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