Rhode Island Bill Establishes First-Time Home Buyer Savings Program with Income Tax Modifications

Original title: AN ACT RELATING TO PROPERTY -- FIRST TIME HOME BUYER SAVINGS PROGRAM ACT (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.)

Last action · February 12, 2026: Introduced, referred to House FinanceSponsors: Brian Newberry and 2 others

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What This Bill Proposed

Rhode Island introduces the First Time Home Buyer Savings Program Act, allowing modifications to for up to $50,000 in contributions and $150,000 in earned interest and dividends.

Why it matters

Residents saving to purchase their first home may qualify for state tax modifications on contributions and investment earnings, altering their taxable income calculation.

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 home buyers

Eligible individuals may modify their federal adjusted gross income based on savings contributions and earnings.

Key Facts

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Frequently Asked Questions

What tax modifications does the program allow?

It allows modifications to for $50,000 in contributions and $150,000 of interest and dividends included in federal adjusted gross income.

What else do you want to know?

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Where This Stands

This bill did not become law - Died at adjournment · introduced in the House.

Procedural history

1 action

Feb 12, 2026Introduced
Introduced, referred to House Finance

Version history

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