Adopt the First-Time Home Buyer Savings Account Act and change provisions relating to the Sports Arena Facility Financing Assistance Act, the Property Tax Growth Limitation Act, the Domestic Violence and Human Trafficking Service Providers Tax Credit Act, property tax valuation and levy procedures, homestead exemptions, and income taxes

New definitions were created for 'account holder', 'eligible expenses', 'financial institution', 'first-time home buyer', and 'qualified beneficiary' to establish the program's framework.

Eligibility for the savings account is limited to individuals who have never owned a primary residence, or those who were not listed on a property title for at least three years due to a divorce.

The program allows annual contributions of up to $5,000 for individuals or $10,000 for joint filers, with a lifetime maximum of $25,000 or $50,000 respectively.

The program is scheduled to begin on January 1, 2027, allowing individuals to open accounts and designate beneficiaries.

Old requirements mandating the listing and valuation of tangible personal property on specific forms were removed and replaced with this new savings account structure.

Account holders must designate a qualified beneficiary by April 15 of the year following the account's establishment.