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Saving Account Proposed For First Time PA Homebuyers

/ WDAC

HARRISBURG – Legislation creating the First-Time Homebuyers Savings Account in Pennsylvania was approved by the state Senate. Bill sponsor, Sen Bob Mensch of Berks, Bucks, & Montgomery Counties says his bill would permit eligible Pennsylvanians to open special savings accounts and take state tax deductions for savings toward expenses such as a down payment and closing costs.┬áThe bill applies to first-time homebuyers and those who have not owned or purchased a home within the three years leading up to the purchase. Account holders would be permitted to contribute a total of $50,000 over a 10-year period. Annual contributions would be capped at $5,000 for single taxpayers and $10,000 for those filing a joint return. Mensch said this type of savings account program in Pennsylvania could result in an annual increase of up to 4,000 home purchases within the state.

SEN. BOB MENSCH

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