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Bill > HB126
PA HB126
PA HB126Establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Program Fund; and imposing duties on the Treasury Department.
summary
Introduced
03/07/2023
03/07/2023
In Committee
10/09/2024
10/09/2024
Crossed Over
06/28/2024
06/28/2024
Passed
Dead
12/31/2024
12/31/2024
Introduced Session
Potential new amendment
2023-2024 Regular Session
Bill Summary
Establishing the First-time Homebuyer Savings Account Program and the First-time Homebuyer Savings Account Program Fund; and imposing duties on the Treasury Department.
AI Summary
This bill establishes the First-time Homebuyer Savings Account Program, which allows individuals to open accounts to save for the down payment and closing costs of purchasing their first home in Pennsylvania. The bill defines key terms like "account," "qualified beneficiary," and "eligible costs," and creates the First-time Homebuyer Savings Account Program Fund to administer the program. The bill also provides tax deductions and exclusions for contributions to and earnings on these accounts, with certain limits, and imposes penalties for withdrawals not used for eligible homebuying expenses.
Committee Categories
Budget and Finance, Business and Industry, Housing and Urban Affairs
Sponsors (27)
Ryan Bizzarro (D)*,
Tim Brennan (D),
Joe Ciresi (D),
Tina Davis (D),
Dan Deasy (D),
Dave Delloso (D),
Justin Fleming (D),
Bob Freeman (D),
Mark Gillen (R),
Roni Green (D),
Nancy Guenst (D),
Carol Hill-Evans (D),
Mary Isaacson (D),
Tarik Khan (D),
Emily Kinkead (D),
Thomas Kutz (R),
Ryan Mackenzie (R),
Maureen Madden (D),
Dave Madsen (D),
Ed Neilson (D),
Danielle Otten (D),
Nickolas Pisciottano (D),
Ben Sanchez (D),
Gregory Scott (D),
Joseph Webster (D),
Dan Williams (D),
Michael Zabel (D),
Last Action
Re-referred to APPROPRIATIONS (on 10/09/2024)
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