Georgia First-Time Homebuyer's Savings Account Act; enact

A BILL to be entitled an Act to amend Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, so as to provide for the creation of first-time homebuyer savings accounts; to provide for contributions by account holders to accounts; to provide for transfer of beneficiaries; to provide for annual reporting; to provide for certain exemptions from certain requirements for financial institutions; to provide for tax deductions; to provide for tax deduction limits; to provide…

Source: OpenStates · fetched April 2, 2026

• HomeownerdirectModerate impactHigh certainty

  Provides a mechanism for first-time homebuyers to save for a down payment through dedicated savings accounts, potentially making homeownership more accessible.

  “so as to provide for the creation of first-time homebuyer savings accounts”· Title 7 of the Official Code of Georgia Annotated

  “to provide for contributions by account holders to accounts”· Title 7 of the Official Code of Georgia Annotated

• Low-income / working-classindirectMinor impactLow certainty

  May indirectly benefit low-income individuals by providing a structured savings tool that could help them overcome financial barriers to homeownership.

  “so as to provide for the creation of first-time homebuyer savings accounts”· Title 7 of the Official Code of Georgia Annotated

Fiscal impact: Moderate (The bill provides for tax deductions, which will reduce state tax revenue. The exact fiscal impact will depend on the number of participants and the extent of contributions.)