Georgia legislation · 2025-2026 Regular Session
Georgia HB1607: Georgia First-Time Homebuyer's Savings Account Act; enact
Status: In committee, April 2, 2026
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 for unqualified withdrawal penalties and exceptions; to permit the Department of Revenue to impose penalties for fraudulent activity; to require the Department of Revenue to create certain forms; to provide for a short title; to provide for purpose; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.
What the bill says
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 for unqualified withdrawal penalties and exceptions…
From the introduced text:
A BILL TO BE ENTITLED 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 for unqualified withdrawal penalties and exceptions; to permit the Department of Revenue to impose penalties for fraudulent activity; to require the Department of Revenue to create certain forms; to provide for a short title; to provide for purpose; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes. BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: SECTION 1. Title 7 of the Official Code of Georgia Annotated, relating to banking and finance, is amended by adding a new chapter to read as follows: H. B. 1607 LC 62 0522 "CHAPTER 7-11-1. This chapter shall be known and may be cited as the 'Georgia First-Time Homebuyer's Savings Account Act.' 7-11-2. The purpose of this Act is to encourage savings for homeownership by residents of this state by providing …
Sponsors
- Scott Hilton (R, 48) · primary sponsor
- Chuck Efstration (R, 104)
- Sandy Donatucci (R, 105)
- Deborah Silcox (R, 53)
- Carter Barrett (R, 24)
- Jan Jones (R, 47)
Latest actions
- : House Second Readers
- : House First Readers
- : House Hopper
Common questions
- What is HB1607?
- HB1607 is a bill in the Georgia Legislature (2025-2026 Regular Session): Georgia First-Time Homebuyer's Savings Account Act; enact.
- What does HB1607 do?
- In its own words: 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 for unqualified withdrawal penalties and exceptions…
- What is the status of HB1607?
- In committee as of April 2, 2026. Latest action: House Second Readers (April 2, 2026).
- Who sponsored HB1607?
- Scott Hilton (R, 48), with 5 co-sponsors.
- Where is the official record for HB1607?
- On the Georgia Legislature website: https://www.legis.ga.gov/legislation/74573
Source: official Georgia record. Tracked by Delilah, AI for legislation across all 50 states and Congress.