What is "HB 331" and what Does it Mean to ME?

HB 331 is the number given to a new Act made into law by the Virginia General Assembly that took effect on July 1st, 2014. It is also known as the FHSP or First time Home buyers Saving Plan. In a nutshell, it allows anyone to put a principal amount of up to $50,000 in (several allowable types of ) a savings account for the sole purpose of going towards the purchase (down payment or eligible closing cost expenses) of a (first time) single family residence in Virginia. Any interest or dividends earned on this money shall be excluded from the taxable income of the account holder (as allowed by law).  Nice way to save for a home and save on taxes at the same time! Read here the actual  First Time Home Buyer Saving Plans Act. Start your savings today and watch them grow. When the time comes to buy that first home, you will have the
money you need to get a head start! Need more information? Contact me.