PA Bill to Help First-Time Home Buyers
Under this legislation first-time home buyers in Pennsylvania could set aside some money to be used as a deduction on state income tax.
Looking for the perfect place to call home? New proposed legislation could help you reach your goal of owning your first home.
The First-Time Home Buyer Savings Account Act was proposed by Representative Ryan Bizzarro (D-Erie) and Representative Rosemary Brown (R-Monroe).
Under this legislation (Pennsylvania House Bill 1981), first-time home buyers in Pennsylvania could set aside some money to be used as a deduction on state income tax.
That would go toward the eligible cost of purchasing a first home.
Saving accounts are capped at $50,000 over a 10 year period. There's an annual cap of $5,000 for a single taxpayer, and $10,000 for joint taxpayers.
This plan is open for any first-time home buyer that hasn't owned a home in the past three years.
for more information visit firsthomePA.com.