TOPEKA – Kansas State Treasurer Steven Johnson announced last week 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 page is available on Treasurer Johnson’s website at https://kansascash. ks.gov/homebuyer.html.
