Rhode Island Bill Establishes First-Time Homebuyer Savings Accounts with Tax Deductions and Exemptions

Original title: AN ACT RELATING TO TAXATION -- FIRST-TIME HOMEBUYER SAVINGS ACCOUNT ACT (Allows an individual, who is a first-time homebuyer, to contribute funds to a first-time homebuyer savings account with Rhode Island housing to pay for eligible costs to purchase a home and receive tax deductions and exemptions.)

Last action · May 7, 2026: Committee recommended measure be held for further studySponsors: Val Lawson and 4 others

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

Law

Track this bill to get notified when it advances a stage. One tap to stop, anytime.

Public stanceCommunity reactions are separate from the official record and reporting.

What This Bill Proposed

Rhode Island allows first-time homebuyers to contribute funds to dedicated savings accounts managed by Rhode Island Housing to pay for eligible home purchase costs and receive corresponding state tax deductions and exemptions.

Why it matters

Changes financial planning options for prospective buyers by creating state tax incentives specifically tied to saving for a down payment and closing costs through Rhode Island Housing.

Who It Would Have Affected

Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.

Directly affected

First-time homebuyers

Individuals purchasing their first home gain the ability to contribute to a dedicated savings account with Rhode Island Housing and receive state tax deductions and exemptions.

Directly affected

Rhode Island Housing

The agency is tasked with holding and administering the first-time homebuyer savings accounts.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who is eligible to open a first-time homebuyer savings account under this act?

Individuals who qualify as first-time homebuyers are eligible to contribute funds to the account.

What entity manages these savings accounts?

The accounts are held with Rhode Island Housing.

What else do you want to know?

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Follow the record

Votes, people, money & the original source

Where This Stands

This bill did not become law - Died at adjournment · in Senate committee.

Procedural history

3 actions

May 7, 2026
Committee recommended measure be held for further study
May 1, 2026
Scheduled for hearing and/or consideration (05/07/2026)
Jan 30, 2026Introduced
Introduced, referred to Senate Finance

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →