Oregon 2017 Regular Session Status: In Committee 3 D cosponsors

SB 849 — Relating to first-time home buyer savings accounts; prescribing an effective date.

Last action — In committee upon adjournment.

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2017 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

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 Text

We don't have the full text on file for this bill yet.

Read SB 849 on the official Oregon source →

Action History

  1. In committee upon adjournment.

  2. Public Hearing held.

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

  4. Public Hearing and Work Session held.

  5. Referred to Business and Transportation, then Finance and Revenue.

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

Sponsors

Sponsorship breakdown

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7 sponsors · 9 co-sponsors · 74 not signed on

Sponsors (7)

Co-sponsors (9)

Not signed on (74)

74 members have not signed on to this bill.

Show all 74 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Subjects

taxation housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 849 do?
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.
Who sponsors SB 849?
SB 849 is sponsored by Rob Nosse (Democrat), Mark Meek (Democrat), David Gomberg (Democrat), Ted Ferrioli, Alan Olsen, Mark Hass, Richard Devlin, Ron Noble, Duane Stark, Lee Beyer, Knute Buehler, Tim Knopp, Margaret Doherty, Alissa Keny-Guyer, Mark Johnson, and Sal Esquivel.
What is the current status of SB 849?
This bill died with 2017 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 849?
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