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Bill > HB730
PA HB730
PA HB730Providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.
summary
Introduced
03/03/2021
03/03/2021
In Committee
03/03/2021
03/03/2021
Crossed Over
Passed
Dead
11/30/2022
11/30/2022
Introduced Session
2021-2022 Regular Session
Bill Summary
An Act providing for the establishment of first-time home buyer savings accounts for first-time home buyers in this Commonwealth.
AI Summary
This bill establishes first-time home buyer savings accounts in Pennsylvania. The key provisions include:
- Individuals can open a first-time home buyer savings account with a financial institution and designate a qualified beneficiary, who must be a first-time home buyer residing in Pennsylvania.
- Account holders can deduct up to $5,000 ($10,000 for joint filers) in contributions to the account from their state taxable income, and the earnings on the account can be excluded from taxable income.
- Withdrawals from the account can only be used for eligible costs like down payments and closing costs for the purchase of a single-family residence in Pennsylvania by the qualified beneficiary.
- The bill imposes penalties if the account is used for non-eligible purposes or if the residence is sold within 3 years.
- The Department of Revenue is tasked with administering the program and creating the necessary forms and regulations.
Committee Categories
Housing and Urban Affairs
Sponsors (36)
Rosemary Brown (R)*,
Jessica Benham (D),
Ryan Bizzarro (D),
Joe Ciresi (D),
Austin Davis (D),
Tina Davis (D),
Michael Driscoll (D),
Bob Freeman (D),
Mark Gillen (R),
Barb Gleim (R),
Liz Hanbidge (D),
Carol Hill-Evans (D),
Mary Isaacson (D),
Mark Longietti (D),
Milou Mackenzie (R),
Ryan Mackenzie (R),
Maureen Madden (D),
Steve Malagari (D),
Brandon Markosek (D),
Joanna McClinton (D),
David Millard (R),
Lori Mizgorski (R),
Ed Neilson (D),
Jenn O'Mara (D),
Danielle Otten (D),
Nickolas Pisciottano (D),
F. Todd Polinchock (R),
David Rowe (R),
Mark Rozzi (D),
Christopher Sainato (D),
Stan Saylor (R),
Lynda Schlegel-Culver (R),
Brian Smith (R),
Jim Struzzi (R),
Perry Warren (D),
Dave Zimmerman (R),
Last Action
Laid on the table (on 09/20/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2021&sind=0&body=H&type=B&bn=730 | 03/03/2021 |
| Bill | https://www.legis.state.pa.us/cfdocs/legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2021&sessInd=0&billBody=H&billTyp=B&billNbr=0730&pn=1614 | 05/26/2021 |
| Bill | https://www.legis.state.pa.us/cfdocs/legis/PN/Public/btCheck.cfm?txtType=PDF&sessYr=2021&sessInd=0&billBody=H&billTyp=B&billNbr=0730&pn=0715 | 03/04/2021 |
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