Did you know, thanks to the passage of legislation this year, people who want to save for a down payment on their first home in Minnesota and Iowa can now take advantage of a First-Time Homebuyer Savings Account? The Minnesota Bankers Association worked with a broad coalition of interest groups at the state Capitol to pass a bill that, beginning in tax year 2017, allows that a standard savings account can be exclusively dedicated for down payment funds and closing costs for a first home at any bank in Minnesota, and the interest gains can be claimed as a state tax deduction which was then passed in Iowa for tax year 2018. Account holders simply declare the account on their state income tax filing to receive the deduction. Learn more about the new First-Time Homebuyer Savings Account at mnhomeowners.com and iowafirsthome.com.
Contact one of our Midwest Home Team members today to learn more about savings accounts at Heritage Bank!