Franklin Bill Designed to Help First-Time Home Buyer

State Representative Diane Franklin

A bill designed to help state residents buy their first home is making its way through the General Assembly. Co-sponsored by Lake Area Representative Diane Franklin, the bill would establish the First-Time Home Buyer Savings Account Act. The act would  authorize a potential first-time home buyer to deduct 50-percent of their contributions to a savings account dedicated to making the purchase. There would, however, be a $16-hundred per individual, per year limit to the allowable deductions. Funds from the account could only be used for purchasing a primary residence in Missouri and would be subject to penalties if withdrawn for any other purposes. The bill has been passed out of committee and is now waiting to be debated on the House Floor by the full House.