The 2020 Pennsylvania Legislative Session legislation PAR is monitoring:
First-Time Homebuyers Savings Account
PAR is advocating for legislation that would create a First-time Homebuyer Savings Account program. House Bill 128, introduced by Rep. Rosemary Brown (R-Monroe) would allow first-time homebuyers to deposit money into a savings account, where it goes for the exclusive purpose of purchasing a first home, and the money can be deducted from their state income tax. This bill passed out of the House by a vote of 188 to 1 and is now in the Senate Urban Affairs and Housing Committee awaiting consideration.
Senator Bob Mensch (R-Montgomery) also has introduced companion legislation Senate Bill 309 which unanimously passed the Senate and has moved to the House for consideration.
The First-Time Homebuyers Savings Account Program would allow Pennsylvanians to save money toward the purchase of a home and the money saved would qualify as a tax deduction for their state income tax return. Parents and grandparents would be eligible to save for children and grandchildren as well. To learn more about First Time Homebuyers Savings Accounts, visit FirstHomePA.com
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