FOR IMMEDIATE RELEASE |
Contact: Clint Blaes |
Treasurer Johnson launches First-Time Home Buyer
savings webpage
TOPEKA – (September 7, 2023) – Kansas State Treasurer
Steven Johnson today announced a new resource on his office’s website for
Kansans saving for their first homes.
A new page on the treasurer’s website contains helpful
information on the First-Time Home Buyer Savings Accounts established by the
Kansas Legislature in 2021. These tax-advantaged savings accounts allow Kansas
residents to save money to purchase a first home for themselves or a designated
beneficiary. Kansas taxpayers may take an annual deduction of up to $3,000 for
independent filers and $6,000 for joint filers from their Kansas adjusted gross
income for contributions into each beneficiary’s account, and interest earned
on the accounts is also exempt from state income tax, up to certain limits. The
accounts may be opened at any qualified financial institution, which includes
any state or federally chartered bank or credit union.
“Saving for the purchase of a first home is one of the
most significant steps on many Kansans’ financial journey,” Johnson said. “As a
member of the Legislature, I was pleased to support the bipartisan effort to
establish the First-Time Home Buyer savings program as a way to help make
saving for that purchase easier. Earlier this year, the Legislature asked our
office to help increase awareness of this savings opportunity, and launching
this webpage today is our first step in those efforts.”
The webpage contains information on how to open and
register an account, eligibility requirements, links to required tax forms, and
answers to frequently asked questions.
Johnson said he appreciated the assistance of the
Kansas Department of Revenue, Kansas Bankers Association, Kansas Credit Union
Association and Kansas Association of Realtors in developing these materials.
The webpage is available on Treasurer Johnson’s
website at https://kansascash.ks.gov/homebuyer.html.
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