Tax Break for First-Time Homebuyers

  • Blog
  • 07.10.2014

Tax Break for First-Time Homebuyers

Author: Dragas Team

HB331. HB331? HB331!

“HB331 lets Virginians set aside up to $50,000 in credit union or bank accounts, mutual funds or other financial products and avoid state taxes on as much as $100,000 in investment earnings- provided the money goes toward a first-time home purchase." –The Virginian Pilot
This law was created to help ease the burden of saving for an initial home while simultaneously paying student loan debts.  Before this law, regular saving accounts were subjected to state taxes, making it difficult to save. Now, your investments under the HB331 law have immunity against state taxes. If, you choose to enroll in this program and later decide to not use your investment on a first-time home purchase you will be subjected to state tax and a 5% penalty. Visit for more information. Our Dragas Communities are ideal for first-time homebuyers. Spacious, Sophisticated, and Affordable. Choose your home today: