SB 179 - This act creates an income tax deduction for the purchase of a new home for the years 2013 to 2015. The new home must be constructed between August 28, 2013, and December 31, 2015. The deduction amount is limited to the lesser of one-third the purchase price or $166,667. A taxpayer can claim this deduction only once. Any amount of the deduction in excess of the taxpayer's liability may be carried forward until the deduction amount is used in its entirety. If a taxpayer that takes the deduction ceases to use the home as a principal residence before two years have passed, the taxpayer must include in their adjusted gross income the deduction amount taken previously.
This act is substantially similar to HB 194 (2013) and is similar to a provision in HCS/HB 521 (2013), HCS/SB 24 (2013), and HCS/SS/SCS/SB 83 (2013).