Bill > HB2224

This bill establishes first-time home buyer savings accounts in Pennsylvania. The accounts allow individuals to save up to $150,000 over 10 years to use towards the down payment and closing costs for the purchase of their first home. Account holders can deduct up to $5,000 (or $10,000 for joint filers) per year from their taxable income for contributions to the account, and the earnings in the account are also excluded from taxable income. The bill defines key terms like "first-time home buyer," "eligible costs," and "qualified beneficiary," and outlines reporting requirements and limitations on financial institutions' responsibilities. Withdrawals for non-eligible expenses are subject to penalties.

Housing and Urban Affairs

https://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm?syear=2023&sind=0&body=H&type=B&bn=2224