SB 849

  • Oregon Senate Bill
  • 2017 Regular Session
  • Introduced in Senate Feb 23, 2017
  • Senate
  • House
  • Governor

Relating to first-time home buyer savings accounts; prescribing an effective date.


Designates Act as Oregon First-Time Home Buyer Savings Account Act. Permits individual to create first-time home buyer savings account with financial institution to pay or reimburse qualified beneficiary's eligible costs for first-time purchase of single family residence. Requires account holder to submit to Department of Revenue information on designated forms and detailed account of first-time home buyer savings account activity. Directs department to prepare forms and distribute informational materials. Allows subtraction from account holder's federal taxable income amounts contributed to first-time home buyer savings account during each tax year. Exempts from taxation amount of interest and other income earned on account. Disallows subtraction or exemption from taxable income for person other than account holder who contributes funds to account. Provides that withdrawals for other than approved purposes are taxable income to account holder. Establishes amount and time limitations on subtractions and exemptions from taxable income. Applies to tax years beginning on or after January 1, 2018, and before January 1, 2024. Takes effect on 91st day following adjournment sine die.

Bill Sponsors (16)



Jul 08, 2017

Oregon Legislative Assembly

In committee upon adjournment.

Apr 11, 2017

Oregon Legislative Assembly

Public Hearing held.

Mar 28, 2017

Oregon Legislative Assembly

Recommendation: Do pass and be referred to Finance and Revenue by prior reference.

Mar 22, 2017

Oregon Legislative Assembly

Public Hearing and Work Session held.

Feb 27, 2017

Oregon Legislative Assembly

Referred to Business and Transportation, then Finance and Revenue.

Feb 23, 2017

Oregon Legislative Assembly

Introduction and first reading. Referred to President's desk.

Bill Text

Bill Text Versions Format
Introduced PDF

Related Documents

Document Format
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