LINCOLN — A state lawmaker seeking a universal homestead exemption for Nebraska homeowners is also proposing tax incentives for new first-time homebuyer savings accounts.

State Sen. John Cavanaugh of Omaha introduced Legislative Bill 151 to create the “First-Time Homebuyers Savings Account Act.” It would allow taxpayers to annually offset a certain portion of federal adjusted gross income into the savings account — $4,000 for married taxpayers filing a joint tax return, or $2,000 for others with the new account.

The maximum values would increase with inflation starting in 2027. Tax-deductible contributions could continue for up to 10 calendar years, or the date of the account holder’s first withdrawal of funds not related to qualified home purchases. Cavanaugh said the goal is “to make the dream of home ownership a little bit more realistic for more Nebraskans.”

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