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SB 415 Rhode Island Senate · 2025 Regular Session

AN ACT RELATING TO PROPERTY -- FIRST TIME HOME BUYER SAVINGS PROGRAM ACT

Summary
Establishes the first time home buyer savings program act. Allows modifications to federal adjusted gross income for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.
Issues: ✓ Budget & TaxesSupports Budget & TaxesProvides tax relief for first-time home buyers via AGI modifications, aligning with middle-income tax relief indicators85% confidence ✓ HousingSupports HousingEstablishes tax-advantaged savings program for first-time home buyers, increasing affordability through federal AGI modifications.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
Governor
Introduced Feb 26, 2025 Last action Feb 26, 2025
Floor votes

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Full legislative history

Actions timeline

Total actions
1
Key actions
0
Committee
0
Feb 26, 2025
Introduced
02/26/2025 Introduced, referred to Senate Finance
upper
4 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Elaine Morgan
Elaine Morgan
RRepublican
RI
34
P
Photo of Lou Raptakis
Lou Raptakis
DDemocratic
RI
33
P
Photo of Pete Appollonio
Pete Appollonio
DDemocratic
RI
29
P
Photo of Thomas Paolino
Thomas Paolino
RRepublican
RI
17