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Senate OKs homebuyer accounts

The state Senate has approved a bill to create a tax-deductible homebuyer saving account.

Senate Bill 961, by Sen. Jason Smalley, R-Stroud, passed 39-4 on Monday and now goes to the House.

If made into law, Oklahomans will be able to open an account with a financial institution and designate it to be used to pay or reimburse costs for the purchase of a single-family residence in the state. The account allow deductions up to $5,000 for an individual and $10,000 for a joint account from taxable income in a single tax year.

“The No. 1 barrier to homeownership is affordability,” said Jessica Hickok, CEO of the Oklahoma Association of Realtors. “So we’re delighted SB 961 has successfully passed the Oklahoma Senate making homebuyer savings accounts one step closer to helping Oklahoma families save to achieve the dream of homeownership. We know there is more work to be done, and we are committed to educating the public and representatives of how homebuyer savings accounts can make that dream more achievable.”

Staff reports

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