Smalley Wants to Create Home Buyer Savings Accounts Program

Senator Jason Smalley wants to give Oklahoma home buyers a way to save money tax free. Senate Bill 961 creates home buyer savings accounts which would be used for home purchase related expenses.

“The purpose of Senate Bill 961 is to allow more residents in our state to become homeowners by opening accounts designed to provide a tax-deductible savings option,” Smalley said. “When more Oklahomans have the opportunity to become homeowners, they invest more into their communities and positively impact our state’s economy.”

SB 961 would allow first time home buyers in Oklahoma to open an account with a financial institution and designate it as a home buyers savings account. The account can be used for down payments and closing expenses. It also allows Oklahomans to deduct up to $5,000 for an individual or up to $10,000 for a joint account from taxable income in a single tax year.

The measure has the support of the Oklahoma Association of REALTORS (OAR).

“The Oklahoma Association of REALTORS® would like to thank Senator Smalley for introducing this significant bill to help make the dream of homeownership a reality for home buyers in our state,” OAR CEO Jessica Hickok said.


Print pagePDF pageEmail page

*

Copyright © The McCarville Report