Oklahoma Senator Jason Smalley and the Oklahoma Association of REALTORS® (OAR) are paving the way to homeownership with the introduction of Senate Bill 961. If signed into law, the bill will establish a home buyer savings accounts, allowing Oklahomans the opportunity to invest and save money, tax-free, for home-purchase-related expenses.
“The purpose of Senate Bill 961 is to allow more residents in our state to become homeowners by opening accounts designed to provide a tax-deductible savings option,” Sen. Smalley said. “When more Oklahomans have the opportunity to become homeowners, they invest more into their communities and positively impact our state’s economy.”
If passed, Oklahomans will be able to open an account with a financial institution and designate the account as a home buyer savings account to be used to pay or reimburse costs for the purchase of a single-family residence in the state. The account provides a tax-deductible option for down payments and/or other closing expenses. It also enables Oklahomans to deduct up to $5,000 for an individual and up to $10,000 for a joint account from taxable income in a single tax year.
Qualified persons include those who reside in Oklahoma and have not owned or purchased, either individually or jointly, a single-family residence during a period of three years before the date of the purchase.
“The Oklahoma Association of REALTORS® would like to thank Senator Smalley for introducing this significant bill to help make the dream of homeownership a reality for home buyers in our state,” OAR CEO Jessica Hickok said.
SB 961 was introduced by Sen. Smalley and is set for the 57th Legislative Agenda.