VirginiaHome buyer savings rules cover townhouses and set account limits
The introduced text lists townhouses as covered homes and gives each savings account proposed caps of $100,000 in contributions and $200,000 in total value.
What it does
The printed text includes townhouses among the homes covered by these savings account rules. The buyer must meet the beneficiary requirements and live in the home.
The printed text lists a $100,000 total limit on contributions to each account. Contributions may be cash or marketable securities.
The printed text lists a $200,000 cap on the total principal and earnings retained in each account, subject to the contribution limit.
Argument forEligible buyers could keep more money in these accounts, since the printed text lists higher caps of $100,000 in contributions and $200,000 in account value.
Argument againstBuyers who want to contribute assets other than cash or marketable securities could find these accounts less useful for saving.
More detail
The text lists a townhouse as a single-family residence. The definition applies to single-family residences purchased in Virginia by qualified beneficiaries. The residence must be owned and occupied by a qualified beneficiary. The beneficiary must live in Virginia at settlement and be named on the account.
The text lists a $100,000 aggregate limit on principal contributed per account. The limit applies to principal contributed to each first-time home buyer savings account. Only cash and marketable securities may be contributed.
The text lists a $200,000 limit on principal and earnings retained in an account. The limit covers the principal and any interest or other income kept in each account. This limit applies subject to the separate limit on principal contributions.
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Where it stands
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Jul 21Continued from last sessionLatest
- Feb 10Continued to next session in Finance and Appropriations (15-Y 0-N)
- Feb 4Reported from General Laws and Technology with amendments and rereferred to Finance and Appropriations (12-Y 2-N 1-A)Minor
- Feb 4Senate committee amendments offered
- Jan 28Senate subcommittee amendments offered
- Jan 28Assigned GL&T sub: HousingMinor
- Jan 23Fiscal Impact statement From TAX (1/23/2026 2:35 pm)
- Jan 14Referred to Committee on General Laws and TechnologyMinor
- Jan 14Prefiled and ordered printed; Offered 01-14-2026 26105091DIntroduced
HousingTaxes & Budget