HOMEBUYER SAVINGS ACCOUNT LAW
GOES INTO EFFECT
Rep. Joe Salazar’s new law creating a state income tax deduction for first-time homebuyer savings accounts goes into effect today, making it easier to save for the biggest investment many Coloradans will ever make.
“One of the biggest barriers to home ownership in Colorado is the difficulty of saving enough for a down payment,” said Rep. Salazar, D-Thornton. “Today we begin to empower more Coloradans to become homebuyers. This is a practical step to make housing more affordable in Colorado.”
HB16-1467, sponsored by Rep. Salazar with Majority Leader Crisanta Duran, D-Denver, allows Coloradans to designate a new or existing savings account as a tax-free first-time homebuyer’s account.
The new law was written to encourage a broad variety of investments. Parents, for example, can set up homebuyer accounts for their children.
The bill passed the state legislature this year and was signed by Gov. John Hickenlooper. Its effective date, the 90th day after the legislative session ended, is August 10th.
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Joe Salazar - State Representative House District 31
When I was growing up, I would dream about what it would be like to be raised on the farm in Colorado’s San Luis Valley or on the ranch in northern New Mexico. My family has been farmers and ranchers there for numerous generations. But, my parents made the decision to raise my brother and me in Thornton because they wanted us to have every opportunity life could offer.
I was four-years-old when we moved to Thornton. At that time, there was hardly anything north of 120th Avenue, except for farmland. I am proud to say that I have grown up alongside the City of Thornton, attending Woodglenn Elementary, Northeast Junior High School , and graduating from Thornton High School in 1989.
Growing up in Thornton was the best thing my parents could have done for me. I went on to graduate from the University of Colorado at Boulder. I then became a civil rights and criminal investigator for the State of Colorado. In 2003, I graduated from the University of Denver with a law degree and started up my own firm where I fight for the unemployed and disadvantaged individuals against bad government. In sum, I have spent my whole adult life making sure that the rights of hard working Coloradans are protected.
Being raised in Thornton means knowing the virtues and values of a hard working community - where grinding out a living for our children is not only a necessity, but defines who we are as Coloradans. We care about our children’s future. We care about education. We care about our jobs.