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Internal Revenue Code of 1986

The main body of federal tax laws in the United States, which is managed and enforced by the Internal Revenue Service (IRS).

Account Beneficiary

The individual who owns and is eligible to receive benefits from the first-time homebuyer savings account.

Qualified Home Ownership Expenses

Specific costs allowed under the bill for buying, building, or substantially renovating a primary residence, including down payments, financing fees, and closing costs.

State Threshold Amount

The maximum total amount of money that can be contributed to a first-time homebuyer savings account over its lifetime, calculated as 20% of the median home sale price in the state where the account is established.

Taxable Year

The accounting period for which an individual calculates their income and tax obligations, typically a calendar year.

Gross Income

All income from any source before any deductions, exemptions, or taxes are applied.

Trust

A legal arrangement where one party (the trustee) holds property or assets for the benefit of another party (the beneficiary), typically with specific rules for management and distribution.