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HB 6876 Connecticut House · 2025 Regular Session

AN ACT ESTABLISHING FIRST-TIME HOMEBUYER SAVINGS ACCOUNTS AND A RELATED TAX DEDUCTION AND CREDIT.

HB 6876 establishes First-Time Homebuyer Savings Accounts to help new homeowners save for down payments and closing costs, directly affecting first-time homebuyers purchasing one-to-four family residences in the state. The bill allows individuals or couples to open these accounts at financial institutions, with funds used exclusively for qualifying home purchase expenses like down payments and closing costs. Account holders can contribute any amount (including from employers), and the bill creates a related state tax deduction and credit for qualifying expenses. The program begins January 1, 2026, with specific rules for account designation, tax reporting, and fund usage.
Issues: ✓ Budget & TaxesSupports Budget & TaxesCreates state income tax deductions/credits for first-time homebuyers, providing tax relief to middle-income households purchasing homes. Directly addresses tax policy under Budget & Taxes.95% confidence ✓ HousingSupports HousingCreates tax-advantaged savings accounts for down payments/closing costs, reducing entry barriers for first-time homebuyers - directly advancing affordable housing access.85% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 6, 2025 Last action May 6, 2025
Maddy AI version diff · 1 comparison

What changed between versions

Raised Bill → BA Joint Favorable Substitute · 8 edits
MODERATE
The bill was renamed from a 'Raised Bill' to a 'Substitute Bill' and expanded the scope of eligible properties from single-family residences to one-to-four family residences. This change broadens who can benefit from the program by allowing purchases of small multi-unit homes, such as duplexes or small apartment buildings, in addition to single-family homes.
Scope change
Expanded from single-family residences to include one-to-four family residences
ELIGIBILITY

Changed eligible property type from 'single-family residence' to 'one-to-four family residence' in multiple sections

DEFINITION

Added new definition for 'one-to-four family residence' to clarify the expanded scope

Updated definition of 'allowable closing costs' to apply to one-to-four family residences instead of single-family residences

Updated definition of 'eligible costs' to apply to one-to-four family residences instead of single-family residences

Updated definition of 'first-time homebuyer' to reference one-to-four family residences instead of single-family residences

Updated definition of 'qualified beneficiary' to reference one-to-four family residences instead of single-family residences

Added new definition for 'one-to-four family residence' specifying it includes up to four dwelling units

TECHNICAL

Changed bill number designation from 'Raised Bill' to 'Substitute Bill' and updated LCO page count from 21 to 20

Floor votes

How they voted

No floor votes recorded yet.
Full legislative history

Actions timeline

Total actions
15
Key actions
3
Committee
4
May 5, 2025
Lower · Passed
Joint Favorable
lower
Apr 29, 2025
Lower · Passed
REF. BY HOUSE TO COMMITTEE ON Finance, Revenue and Bonding
lower
Mar 6, 2025
Lower · Passed
Joint Favorable Substitute
lower
Feb 6, 2025
Committee
REF. TO JOINT COMM. ON Banking
lower
0 primary · 0 co-sponsors

Sponsors

No sponsor information available.