Adopt the First-Time Home Buyer Savings Account Act and provide for income tax adjustments

Nebraska's LB 938 creates a state tax-advantaged savings program to help first-time homebuyers. It allows individuals to contribute up to $5,000 annually (or $10,000 for joint filers) to designated savings accounts, reducing their state taxable income. Contributions can be used for eligible home purchase costs like down payments, closing fees, or construction financing for a primary residence in Nebraska. The program limits lifetime contributions to $25,000 per individual ($50,000 for joint filers) and requires account holders to designate a qualified beneficiary (the homebuyer) by April 15 each year. This directly affects first-time homebuyers who meet the definition: individuals without prior primary residence ownership or those divorced and not on title for 3+ years.