This bill amends the Tax Reform Code of 1971 by introducing a new exclusion from the realty transfer tax for transfers of real estate to first-time home buyers. Specifically, it adds a clause stating that the tax will not be imposed on such transfers, provided that all individuals recorded on the deed are first-time home buyers. The bill defines a "first-time home buyer" as someone who resides or will reside in Pennsylvania, is or will be domiciled in the transferred single-family residence, and has not previously owned or purchased a single-family residence in Pennsylvania or any other state.

Additionally, the bill clarifies that this exclusion does not apply to local real estate transfer taxes imposed by various political subdivisions, such as cities and school districts. The new exclusion for first-time home buyers will apply to real estate transfers made on or after the effective date of the bill, which is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 171 (Jan 22, 2025): P.L.6, No.2
Printer's No. 0171: P.L.6, No.2