If you have a news tip send us an email at: tips@oregoncapitalinsider.com


Lawmakers mull 'first-time' homebuyers savings program

The savings program would offer tax incentives to help Oregonians to save up to $50,000 in 10 years.

DANIEL PEARSON/CANBY HERALD - House under constructionSALEM — Some state lawmakers are making another push to create a first-time homebuyer savings account program in Oregon.

The program would allow Oregonians who haven't owned a home in the past three years to save up to $50,000 in a 10-year period without paying state income taxes on the principal and interest. The money could be used to pay for a down payment on the purchase of a single family dwelling.

Members of the House Committee on Human Services and Housing plan to submit a bill to create the program as early as the next legislative session in February.

Similar legislation stalled in the House and Senate revenue committees earlier this year and never received votes on those chambers' floors.

Despite a surge in home sales in Oregon, the percentage of first-time homebuyers has declined precipitously since 2009. They represented about 44 percent of the sales in the state that year, but by last year, they accounted for only about 28.8 percent, according to the National Association of Realtors.

Offering the tax exemption would cost the state nearly $4 million in foregone income tax revenue, according to an analysis in March by consultants Lisa Sturevant and Dean Bellas and commissioned by Oregon Realtors.

The program would ultimately boost first-time home purchases and result in positive gains to the statewide economy, the consultants concluded. Farther down the line, the economic prosperity could translate into greater income tax revenue from additional jobs in the construction industry. The study estimated that more than 3,200 Oregonians would start one of the savings accounts, and that at least 161 of those households would purchase a newly-built home in the first five years of the program. The state could expect a $1.26 return for every dollar it invested, the consultants estimated.

Detractors see the program as a tax shelter for wealthy Oregonians.

Chuck Sheketoff, executive director of the Oregon Center for Public Policy, went as far as dubbing it the "Rich Families' Down-Payment Assistance Program."

In a blog published on the Blue Oregon website, Sheketoff wrote that it provided a tax loophole for wealthy parents who want to help their children buy a home.

He argued that another Oregon tax-exempt savings programs - the 529 College Savings Network - largely benefits high-income Oregonians.

Montana, Virginia and Colorado offer a first-time homebuyer savings account program of some kind.


Paris Achen
Portland Tribune Capital Bureau
503-385-4899
email: pachen@portlandtribune.com
Follow us on Twitter
Visit Us on Facebook

Access your account

Subscriber Login

cialiscialis couponcialis genericcialis dosagegeneric cialiscialis costcialis vs viagracialis pricescialis side effectscialis couponscialis 30 day sampleviagra vs cialiscialis onlinecialis pillscialis samplesbuy cialiscialis 20 mgcialis patent expirationcialis coupons printablecialis for daily usecialis samples overnightcheap cialiscost of cialis200 cialis couponcialis dailycialis 20mggeneric cialis at walmartcealiscialis canadacialis trialhow does cialis workwhen will cialis go genericcialis on lineside effects of cialiscialis 30 day trial couponcialis 5mgcialis for mencialasbuy cialis onlinecialis for salecialis patent expiration date extendedhow to take cialiscialis pricecialis from canadahow much does cialis costfree cialisviagra vs cialis vs levitracialis reviewscialis coupons from manufacturerwhat is cialiscialis pills for salecialis patent expiration 2017canadian cialiscialis tadalafilcialis or viagrageneric for cialiscialis professionalcialis free trialcialis medicationciliascialis for bphcialis coupons 2017cyaliscialis dosage strengthscialis discountgeneric cialis tadalafildiscount cialiscialis dosage recommendationscialis 5 mgonline cialiscialis canadian pharmacycialis copay cardlowest cialis pricescialis for womencialis generic availabilitycialis vouchercialis savings cardcialis 10 mgcialis websitecialis generic tadalafilliquid cialisdaily cialisviagra cialiscialis otcerectile dysfunction cialiscialis 5mg dailycanada cialiscialis coupon 20 mgcialis pricingcialis coupon printviamedic cialiscialis cheapcialis pharmacy pricescialis 20mg directionsprice cialiscialis samplewholesale cialiscialis alternativecialis effectscialis testimonialslevitralevitra couponlevitra 20 mglevitra 20mgbuy levitralevitra priceslevitra genericlevitra onlinelevitra vs viagrageneric levitralevitra couponslevitra rezeptfrei deutschlandlevitra 10 mg prezzocheap levitra9 levitra at walmartlevitra erfahrungenlevitra dosageviagra vs cialis vs levitrageneric levitra vardenafil 20mgwhat works better than viagrabuy levitra onlinelevitra without a doctor prescriptionbuy generic levitralevitra 20mg cost per pillvardenafil 20mglevitra prezzo in farmacialevitra 20 mg precio farmaciavardenafil vs viagralevitra 20 mg cost walmartlevitra vs viagra for hardnesslevitra bayer 20mg meilleur prixlevitra 20 mg von bayerviagrageneric viagraviagra genericviagra couponsviagra without a doctor prescriptionviagra onlineequipe argentine viagraviagra pricesbuy viagracialis vs viagracheap viagraviagra pillsviagra samplesviagra side effectswhat is viagraviagra couponviagra naturalviagra dosageviagra for sale uknatural viagrabuy viagra onlinegeneric viagra 100mgfemale viagrahow does viagra workhow to use viagraviagra activateherbal viagraviagra tabletssophia viagraviagra sans ordonnanceviagra kaufenviagra tabletviagra vs cialisonline viagracanadian viagraviagra for womenviagra ohne rezept aus deutschlandpfizer viagraviagra 100mgviagra costfree viagraviagra alternativesviagra canadaviagra on lineviagra single packsviagra for menviagra pillviagra 100mg tablets retail priceorder viagraviagra tescoside effects of viagraviagra pillen kruidvatviagra for salediscount viagrawhat does viagra doviagra costsviagra uklevitra vs viagrawhere to buy viagraviagra substitutehow long does viagra lastviagra alternativeviagra receptfrittviagra priceviagra 100viagra en ligne livraison 24hviagra on line no precviagra 100 mgutilisation viagrabest price viagracost of viagraviagra sexviagra wikipediasex viagra for womenviagra nebenwirkungenrevatio vs viagraviagra without a doctor prescription usaviagra genericoviagra 50mgviagra from canadaover the counter viagraviagra effectsviagra medicinepfizer viagra coupons from pfizerbuy generic viagraviagra wikiviagra bestellenviagra ohne rezept auf rechnungcanada viagrawomen viagrabuying viagraviagra soft