The state Senate on Monday gave final legislative approval to create a New York State First Home Savings Program.

Essex County’s state Sen. Betty Little (R-Queensbury) is the chair of the Housing, Construction and Community Development Committee and said the measure is similar to the state’s 529 College Savings Program.

With the legislation, an individual would be eligible to make a $5,000 per-year tax-deductible deposit into a state First Home Savings account, $10,000 for couples. The contributions to first home savings accounts would be limited to $100,000 per account. Any interest accrued would remain untaxed and the savings account would remain under the sole custody of the state Comptroller.