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Senate panel hears extension for first‑time homebuyer savings subtraction (SB 101)
Summary
Senate Committee on Finance and Revenue heard testimony on SB 101 to extend the sunset allowing taxpayers to open first‑time homebuyer savings accounts and claim a personal income tax subtraction. Supporters said the extension would give more Oregonians time to save for down payments; witnesses gave account‑opening and revenue estimates.
Senators on the Finance and Revenue Committee heard testimony on Monday, Feb. 3, on Senate Bill 101, which would extend the deadline to open a first‑time homebuyer savings account that qualifies for a personal income tax subtraction. The bill would push the opening‑deadline current sunset (Jan. 1, 2027) forward by five years.
Supporters — including representatives from Oregon State Credit Union, Oregon Realtors and the Oregon Fairs Association — told the committee the subtraction helps prospective…
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