Section 316.798 - Subtraction for contributions; exemption for earnings; limitations(1) Subject to ORS 316.800, and in addition to the other modifications to federal taxable income contained in this chapter, there shall be subtracted from federal taxable income the amount of funds contributed by an account holder to the account holder's first-time home buyer savings account during the tax year, not to exceed $5,000 for an account holder who files an individual income tax return or $10,000 for joint account holders who file a joint income tax return.(2) Earnings, including interest and other income, on the principal in the account during the tax year are exempt from taxation until withdrawn by the taxpayer, subject to subsection (3) of this section.(3) An account holder may claim the subtraction and exemption under subsections (1) and (2) of this section:(a) For contributions made into a first-time home buyer savings account opened before January 1, 2027;(b) For a period not to exceed 10 years from the date the account holder first opens any first-time home buyer savings account; and(c) For an aggregate total amount of principal and earnings not to exceed $50,000 during the 10-year period.(4) A person other than the account holder who deposits funds in a first-time home buyer savings account is not entitled to the subtraction and exemption provided for in this section.