Bill > SB815

This bill amends the Tax Reform Code of 1971 to create a specific tax exclusion for first-time home buyers in Pennsylvania. The bill defines a "first-time home buyer" as an individual who resides or will reside in Pennsylvania, will be domiciled in a single-family residence, and has never previously owned a residential property in Pennsylvania or any other state—including manufactured homes, trailers, mobile homes, or units in condominiums, cooperatives, or planned communities. While the state-level realty transfer tax would be waived for such transactions, the bill explicitly states that local governments can still impose their own real estate transfer taxes on these transactions. The new provision applies to real estate transfers made on or after the bill's effective date, which is 60 days after enactment. This change aims to provide financial relief for individuals purchasing their first home by reducing the tax burden associated with the property transfer.