SB 825

Modifies provisions governing first-time home buyer savings accounts.

Status	In House Committee (HREV)
Sponsors	Mark Meek (Democrat) (Chief), Vikki Breese-Iverson (Republican) (Chief), Aaron Woods (Democrat)
Fiscal impact	Fiscal impact issued
Revenue impact	Revenue impact issued

Bill Text

Modifies first-time home buyer savings account requirements by eliminating annual certificate requirements and allowing beneficiary designation.

Original Bill Text

Sponsors#

Chief Sponsors: Mark Meek, Vikki Breese-Iverson

Co-Sponsors: Aaron Woods

Overview#

Modifies provisions governing first-time home buyer savings accounts. Eliminates requirement that financial institution provide annual certificate with account details to account holders. Allows account holder to designate proposed first-time home buyer as beneficiary of account. Specifies information that must be provided] maintained by taxpayer claiming subtraction or exemption for accounts. Limits Department of Revenue rulemaking. Applies to all] first-time home buyer savings accounts whenever] created on or after January 1, 2024. Takes effect on 91st day following adjournment sine die.

Public Testimony

Name	Organization	Position	Date
Jody Wiser	Tax Fairness Oregon	Oppose	2023-02-26
Mark Meek	Senate District 20	Support	2023-02-27
David Wall	Newberg	Oppose	2023-02-28

Legislative History

Date	Chamber	Action
2023-01-31	S	Introduction and first reading. Referred to President's desk.
2023-02-03	S	Referred to Finance and Revenue.
2023-02-27	S	Public Hearing held.
2023-05-31	S	Work Session held.
2023-06-16	S	Recommendation: Do pass with amendments. (Printed A-Eng.)
2023-06-20	S	Second reading.
2023-06-21	S	Third reading. Carried by Meek. Passed.
2023-06-21	S	Vote explanation(s) filed by Knopp.
2023-06-21	H	First reading. Referred to Speaker's desk.
2023-06-21	H	Referred to Revenue.
2023-06-25	H	In committee upon adjournment.