IN HB 1403
died on adjournmentFirst time home buyer savings program.
Indiana · 2026 Regular Session (2nd Regular Session, 124th General Assembly) · lower
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Quick answers
Did IN HB 1403 pass?
No. IN HB 1403 died when the 2026 Regular Session (2nd Regular Session, 124th General Assembly) adjourned without final action on it. Bills that die this way are sometimes reintroduced in a later session. Latest recorded action (2026-01-08): First reading: referred to Committee on Ways and Means
What is IN HB 1403 about?
Establishes the first time home buyer savings program (program) for the purpose of assisting first time home buyers who seek to open a first time home buyer savings account (account) at a financial institution to save money for the purchase of a single family residence. Requires the Indiana housing and community development authority to administer the program, to prepare and supervise the issuance of public information concerning the program, and to prescribe various forms for use by financial institutions that choose to offer accounts. Specifies that: (1) money in an account (including all earnings or interest on an account) is exempt from taxation in Indiana; and (2) withdrawals from an account used for a down payment and allowable closing costs for the purchase of a single family residence; are exempt from state adjusted gross income taxation. Creates a state adjusted gross income tax credit for contributions to an account (credit) in an amount equal to the lesser of: (1) 20% multiplied by the amount of the total contributions made to the account during a taxable year; or (2) $5,000. Requires repayment of all or a part of the credit in a taxable year in which the taxpayer withdraws funds from an account for purposes other than payment of a down payment and allowable closing costs.
Who sponsors IN HB 1403?
Wendy Dant Chesser is the primary sponsor of IN HB 1403, joined by 2 cosponsors.
Description
Establishes the first time home buyer savings program (program) for the purpose of assisting first time home buyers who seek to open a first time home buyer savings account (account) at a financial institution to save money for the purchase of a single family residence. Requires the Indiana housing and community development authority to administer the program, to prepare and supervise the issuance of public information concerning the program, and to prescribe various forms for use by financial institutions that choose to offer accounts. Specifies that: (1) money in an account (including all earnings or interest on an account) is exempt from taxation in Indiana; and (2) withdrawals from an account used for a down payment and allowable closing costs for the purchase of a single family residence; are exempt from state adjusted gross income taxation. Creates a state adjusted gross income tax credit for contributions to an account (credit) in an amount equal to the lesser of: (1) 20% multiplied by the amount of the total contributions made to the account during a taxable year; or (2) $5,000. Requires repayment of all or a part of the credit in a taxable year in which the taxpayer withdraws funds from an account for purposes other than payment of a down payment and allowable closing costs.
- Introduced
- —
- Latest action
- 2026-01-08 — First reading: referred to Committee on Ways and Means
- Bill type
- bill
- Last updated
- —
Subjects
Sponsors
- Wendy Dant Chesserauthor
- Ethan Lawsoncoauthor
- Carey Hamiltoncoauthor
Committees
Not provided by source.
Action timeline
Newest first
2026-01-08
First reading: referred to Committee on Ways and Means
reading-1,referral-committee
2026-01-08
Authored by Representative Dant Chesser
2026-01-08
Coauthored by Representatives Hamilton, Lawson
Versions
Documents
- application/pdf
- application/pdf(no extracted text yet)
Votes
Not provided by source.
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T05:22:09.317128Z
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