Establishes the "First-Time Business Owner Savings Account Act" and authorizes a tax deduction for contributions to a savings account dedicated to starting a new business

This bill creates a new savings account program designed to help first-time business owners from minority backgrounds start their own companies. To qualify, individuals must have never owned a business before and must identify as members of a minority group, which includes people who have faced prejudice based on race, color, religion, sex, or national origin. Participants can open these accounts at various financial institutions to save money for specific startup costs like legal fees, equipment, rent, and employee wages. The program offers tax benefits by allowing taxpayers to deduct up to 50% of their annual contributions from their state income tax, with annual contribution limits of $1,600 for individuals and $3,200 for married couples filing jointly. Money in the account grows tax-free, but if funds are withdrawn for purposes other than eligible business expenses, the withdrawn amount becomes taxable income.