During the 2014 Session, the Virginia General Assembly enacted legislation that allows individuals to designate a bank account as a tax exempt first-time home buyer savings account. Distributions from such accounts may only be used for the purpose of paying or reimbursing the down payment and allowable closing costs for the purchase of a single-family residence in the Commonwealth by a qualified beneficiary.

On January 7, 2015, the Department of Taxation published the First-Time Home Buyer Savings Account Guidelines.

Legislative Documents

HB 331 (2014) Text PDF Fiscal Impact Statement

Guideline Development Documents

Workplan (PDF 14 KB)

Final Guidelines (PDF 82 KB)

Prior Guidelines

Draft Guidelines (PDF 70 KB)