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 has not previously owned a single-family residence, including various types of homes, and who will reside in the property upon transfer.

Additionally, the bill clarifies that the exclusion for first-time home buyers does not apply to local real estate transfer taxes imposed by 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