House Bill 530 has been proposed by Rep. Bruce Williamson (R-115th District, Monroe) that is intended to provide tax relief for the establishment of first-time homebuyer savings accounts. The bill provides for:
- Creation of a special interest-bearing savings account for first-time homebuyers
- An allowance for contributions to the account to be exempt from State income tax (up to $6000 per couple)
- A ten-year window for the account contributions and withdrawals.
The Georgia Bankers Association is monitoring this bill but has not, at this time, taken a position of support or opposition to the bill. Similarly, the Home Builders Association of Georgia (HBAG) has not yet taken a position on this legislation.