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Senate extends first-time homebuyer savings program for five years
Summary
The Oregon Senate passed Senate Bill 101 to extend the state's first-time homebuyer savings account program and related tax subtractions and exemptions; the bill passed on final reading with a constitutional majority.
Senate Bill 101, which extends Oregon’s first-time homebuyer savings account program and related tax subtractions and exemptions, passed the Oregon State Senate on third reading on March 10, 2025.
The bill’s sponsor, Senator Meek, said the measure extends the deadline to open a first-time homebuyer savings account for another five years and pushes forward the sunset dates for the program’s related tax subtractions and exemptions. "This program has been instrumental in helping many Oregonians achieve the dream of homeownership," Meek said on the Senate floor, noting the program was created in 2018 and amended in the 2024 short session.
Supporters said the accounts help Oregonians save for down payments and closing costs and that continuing the program will keep an incentive available while broader housing-supply actions proceed. Meek told colleagues the estimated near-term revenue impact is minimal and quoted fiscal figures as presented in committee materials when urging support.
No floor discussion opposing the bill developed after the sponsor’s remarks. The clerk recorded the final vote as a constitutional majority; the roll call concluded with 29 ayes and the bill was declared passed.
Senate Bill 101 will now proceed through the normal enrollment process and be transmitted consistent with legislative procedures before being presented to the governor or otherwise enacted.
