Oregon 2017 Regular Session Status: In Committee 4 D cosponsors

HB 2996 — Relating to first-time home buyer savings accounts; prescribing an effective date.

Last action — In committee upon adjournment.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  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This bill is no longer active — its legislative session has ended, so there is no live prognosis. 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 account holder's eligible costs for first-time purchase of single family residence. 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. <b>Directs Department of Revenue to create means for designating subtraction to which account holder is entitled in individual state income tax return form. Requires financial institution to provide account holder with certificate containing specified information about account.</b> 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 HB 2996 on the official Oregon source →

Action History

  1. In committee upon adjournment.

  2. Referred to Revenue by prior reference.

  3. Recommendation: Do pass with amendments, be printed A-Engrossed, and be referred to Revenue by prior reference.

  4. Work Session held.

  5. Work Session held.

  6. Public Hearing held.

  7. Referred to Human Services and Housing with subsequent referral to Revenue.

  8. First reading. Referred to Speaker's desk.

Sponsors

Sponsorship breakdown

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3 sponsors · 14 co-sponsors · 73 not signed on

Sponsors (3)

Co-sponsors (14)

Not signed on (73)

73 members have not signed on to this bill.

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"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 HB 2996 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 account holder's eligible costs for first-time purchase of single family residence. 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. <b>Directs Department of Revenue to create means for designating subtraction to which account holder is entitled in individual state income tax return form. Requires financial institution to provide account holder with certificate containing specified information about account.</b> 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 HB 2996?
HB 2996 is sponsored by Pam Marsh (Democrat), Mark Meek (Democrat), Rob Nosse (Democrat), Sue Rieke Smith (Democrat), Ron Noble, Duane Stark, Alan Olsen, Mark Johnson, Mark Hass, Janelle Bynum, Richard Devlin, Andy Olson, Alissa Keny-Guyer, Bill Kennemer, Sal Esquivel, Knute Buehler, and Margaret Doherty.
What is the current status of HB 2996?
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 HB 2996?
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