S 1756 New Jersey Senate · 2026-2027 Regular Session

Establishes New Jersey First-Time Home Buyer Savings Account Program; provides gross income tax benefits for certain contributions to and earnings on assets maintained in accounts established under program.

This bill creates a New Jersey program that allows certified first-time home buyers to open special savings accounts at participating banks or credit unions. Account holders can contribute up to $15,000 per year (with a lifetime limit of $75,000) and earn tax-free growth on those funds, with the account balance capped at $150,000 annually. Funds can only be withdrawn to cover down payments and closing costs for a primary residence purchase, and withdrawals for other purposes require tax reporting. The program is administered by the New Jersey Housing and Mortgage Finance Agency to encourage home ownership through tax-advantaged savings.

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2026

Committee Review

Floor Vote

Governor

Introduced Jan 13, 2026 Last action Feb 5, 2026

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What changed between versions

Technical Review Of Prefiled Bill → Introduced · 3 edits · Jan 13, 2026

MINOR

This is a procedural transition from committee technical review to introduction status for S 1756, which establishes a New Jersey First-Time Home Buyer Savings Account Program with tax credits and income exclusions. Senator Beach was removed as a co-sponsor, and a formal statement section describing the bill's purpose and key provisions was added.

SCOPE

Senator Beach was removed from the list of co-sponsors, leaving only Senators Wimberly and Greenstein.

TECHNICAL

A STATEMENT section was added summarizing the bill's purpose: establishing a first-time home buyer savings account program under the NJ Housing and Mortgage Finance Agency, providing a 5% tax credit on up to $15,000 in annual contributions ($7,500 if married filing separately), and excluding earnings from gross income until distribution.

The bill status changed from 'As reported by the Senate Community and Urban Affairs Committee with technical review' to 'Introduced Pending Technical Review by Legislative Counsel,' reflecting its procedural stage.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 5, 2026

Committee

Referred to Senate Budget and Appropriations Committee

upper

Jan 13, 2026

Introduced

Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee

upper

2 primary · 3 co-sponsors