Cargill Pushes 'American Dream Act'

Standing before a new house in north Oklahoma City, former House Speaker Lance Cargill today urged lawmakers to enact the "The American Dream Act" to help first-time homebuyers purchase similar dwellings across the state.

"Home ownership is the foundation of 'the American Dream,' for most families," said Cargill, R-Harrah. "This plan puts that dream within reach for more Oklahomans and will help citizens avoid the pitfalls that created our current mortgage crisis."

House Bill 3392, "The American Dream Act," by Cargill, R-Harrah, and Marian Cooksey, R-Edmond, would create a tax-free savings plan similar to the state's plan that allows tax-free savings for college tuition. Under the bill's provisions, a first-time Oklahoma homebuyer would be able to make annual tax-free deposits into the account for a maximum of five years to be used as a down payment on the purchase of a home.

The idea for the savings plan was generated as the result of Oklahoma's 100 Ideas Initiative, which was spearheaded by Cargill, and is included in the recently published book, "100 Ideas - Innovation forthe Second Century."

The measure would authorize an annual deduction of up to$2,500 for single filers and $5,000 for joint married filers for every dollar deposited into the home savings account. The maximum deduction over a five-year period would be $12,500 for single filers and $25,000 for joint married filers.

Share |