Bill > HB1939

This bill amends the Tax Reform Code of 1971 to provide deductions for certain real estate transfers. Specifically, it allows for a deduction of the realty transfer tax paid by buyers who receive Supplemental Security Income (SSI) benefits or have a household income not greater than 215% of the federal poverty level. It also allows for a deduction of the realty transfer tax paid by both the buyer and seller for the transfer of residential property where the purchase price is not greater than 80% of the median purchase price in the county. The counties are required to submit documentation to establish the median purchase price annually. The deduction cannot be refunded or carried over if it exceeds the amount of tax due.