First-time Home Buyer Savings Account – Cost-of-Living Adjustment

(1) For tax years beginning after December 31, 2023, for each calendar year, the subtraction limits in ORS 316.800(1) will be adjusted by multiplying each limit amount by a cost-of-living adjustment for the calendar year.

(2) For purposes of this rule, the cost-of-living adjustment for any calendar year is the percentage, if any, by which the monthly averaged U.S. City Average Consumer Price Index for the 12 consecutive months ending August 31 of the prior calendar year exceeds the monthly averaged index for the 12 consecutive months ending August 31, 2019.

(3) As used in this rule, “U.S. City Average Consumer Price Index” means the U.S. City Average Consumer Price Index for All Urban Consumers (All Items) as published by the Bureau of Labor Statistics of the United States Department of Labor.

(4) If any resulting increase is not a multiple of $5, the increase will be rounded to the next highest multiple of $5.