This bill allows a first-time homebuyers to open a savings account to save money toward buying a home.

It says that Beginning in 2018, individuals can deduct up to $2500 from their state adjusted gross income when they make deposits into a First-Time Homebuyer Savings account. Couples up to $5000.

My question is, can they start making contributions in 2017 for 2018 are do they need to wait until January, 2018 to open the account?