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.
On January 7, 2015, the Department of Taxation published the First-Time Home Buyer Savings Account Guidelines.
House Bill 331 (2014)
- HB 331 Text as passed the House and Senate
- HB 331 PDF of text as passed the House and Senate (PDF)
- HB 331 Fiscal Impact Statement
Guideline Development Documents
- First-Time Home Buyer Savings Accounts Workplan (PDF 14 KB)
- Final First-Time Home Buyer Savings Accounts Guidelines (PDF 82 KB)