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

Additionally, the bill clarifies that this exclusion for first-time home buyers does not apply to local real estate transfer taxes imposed by various political subdivisions. The changes will take effect 60 days after the bill's passage, and the new exclusion will apply to real estate transfers made on or after the effective date.

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