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New Bill Aims To Help Ohioans Save Money For Their First Home

Sen. Theresa Gavarone and Sen. Bob Peterson
Sen. Theresa Gavarone and Sen. Bob Peterson

A third of Ohioans are not homeowners. Two lawmakers want to change that with a bill they say will help first-time homebuyers. 

Republican Senators Bob Peterson (R-Washington Court House) and Theresa Gavarone (R-Bowling Green) say too many millennials are saddled with student debt and can’t save enough for down payments on homes. So they are sponsoring a bill that would allow first time homebuyers to create special savings accounts to help put back money for that purpose.

“The account holders would simply create a savings account as you would right now and once it is open, they can begin depositing funds.  Contributions of up to $5000 for single filers and $10,000 for joint filers, plus accrued interest, are tax deductible each year," Gavarone says.

The bill would also allow people to contribute to accounts for others. The program mimics those already in place in a handful of other states. 

Copyright 2020 The Statehouse News Bureau. To see more, visit The Statehouse News Bureau.