SB 1527
Modifies provisions governing first-time home buyer savings accounts.
| Status | Chapter Number Assigned |
| Requested by | (at the request of Senate Interim Committee on Finance and Revenue) |
| Fiscal impact | Has minimal fiscal impact |
| Revenue impact | Revenue impact issued |
Bill Text
SB1527 modifies the rules for first-time home buyer savings accounts starting in 2025, including eliminating annual certificate requirements and allowing beneficiary designations.
Overview#
Digest: Changes accounts for first-time home buyers, for accounts starting in 2025. Requires taxpayer to keep records. Changes rules for banks. Becomes law 91 days from sine die. (Flesch Readability Score: 62.1). Modifies provisions governing first-time home buyer savings accounts. Eliminates the requirement that a financial institution provide an annual certificate with account details to account holders. Allows an account holder to designate a proposed first-time home buyer as a beneficiary of the account. Specifies information that must be maintained by a taxpayer claiming a subtraction or exemption for accounts. Limits Department of Revenue rulemaking. Applies to first-time home buyer savings accounts created on or after January 1, 2025. Takes effect on the 91st day following adjournment sine die.
Public Testimony
| Name | Organization | Position | Date |
|---|---|---|---|
| Marjorie Taylor | Salem | Neutral | 2024-02-06 |
| John Calhoun | PORTLAND | Neutral | 2024-02-07 |
| Devon Lawson-McCourt | Vida | Support | 2024-02-07 |
| Brian Boquist | State Senator | Support | 2024-02-07 |
| Thomas Busse | Portland | Neutral | 2024-02-28 |
| David Wall | Newberg | Oppose | 2024-02-29 |
| John Calhoun | Portland | Support | 2024-02-29 |
Legislative History
| Date | Chamber | Action |
|---|---|---|
| 2024-02-05 | S | Introduction and first reading. Referred to President's desk. |
| 2024-02-05 | S | Referred to Finance and Revenue. |
| 2024-02-06 | S | Public Hearing held. |
| 2024-02-12 | S | Work Session held. |
| 2024-02-16 | S | Recommendation: Do pass with amendments. (Printed A-Eng.) |
| 2024-02-19 | S | Second reading. |
| 2024-02-20 | S | Third reading. Carried by Meek. Passed. |
| 2024-02-21 | H | First reading. Referred to Speaker's desk. |
| 2024-02-21 | H | Referred to Revenue. |
| 2024-02-29 | H | Public Hearing held. |
| 2024-03-04 | H | Work Session held. |
| 2024-03-04 | H | Recommendation: Do pass. |
| 2024-03-05 | H | Second reading. |
| 2024-03-05 | H | Rules suspended. Third reading. Carried by Breese-Iverson. Passed. |
| 2024-03-07 | S | President signed. |
| 2024-03-07 | H | Speaker signed. |
| 2024-03-27 | S | Governor signed. |
| 2024-03-28 | S | Chapter 53, 2024 Laws. |
| 2024-03-28 | S | Effective date, June 6, 2024. |