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News & Press: Sacramento Report

Homeownership Savings Accounts

Wednesday, January 18, 2017  
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Homeownership Savings Accounts

Assembly Bill 53 (Steinorth) would allow a deduction for contributions to a homeownership savings account. Income earned on the moneys contributed to a homeownership savings account would not be taxable. A taxpayer could withdraw money from the account to pay for expenses paid or incurred in connection with the purchase of a California principal residence. Amounts withdrawn and not used for qualifying expenses would be included as income for that taxpayer.

California Land Title Association

1215 K Street #1816 Sacramento, CA 95814-3905
Email:  |  Phone: 916-444-2647  |   Fax: 916-444-2851