Creating the “First Time Home Buyer Savings Account Act"

HB 3375 creates a tax-advantaged savings account program for first-time home buyers in West Virginia. It allows eligible residents (those without home ownership for three years) to contribute to a dedicated account, with contributions subtracted from their state taxable income on income tax returns. Funds can only be used for down payments and closing costs when purchasing a single-family residence in West Virginia as a primary home. The bill defines key terms like "first-time home buyer" and requires financial institutions to provide account certification to the Tax Commissioner, while prohibiting withdrawals for non-home purchase expenses. This legislation applies to West Virginia residents purchasing homes within the state, aiming to incentivize home ownership through tax savings.