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First-Time Homebuyer Savings Accounts Measure Advances

/ WDAC

HARRISBURG – First-time homebuyers are one step closer to receiving a tax deduction for money saved toward purchasing a home with state House passage of House Bill 1981. The measure would establish the “First-Time Home Buyers Savings Account,” permitting eligible Pennsylvanians to open special saving accounts and take state tax deductions for savings toward expenses such as a down payment and closing costs. The bill would apply 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. The bill now goes to the PA Senate.

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