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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | January 28, 2023 03:53 PM |
|---|---|
| From: | Representative Thomas H. Kutz |
| To: | All House members |
| Subject: | Realty Transfer Tax Exclusion for First Time Home Buyers |
| Rising home prices and mortgage interest rates have made housing affordability a substantial barrier for first time homebuyers to enter the market and plant roots in Pennsylvania. According to US census data, Pennsylvania’s population growth has stagnated and younger Pennsylvanians are choosing to set their roots outside of our Commonwealth. In order to make Pennsylvania more attractive and more affordable for families and first time homebuyers, it is important to create incentives and opportunities for young adults to want to move and stay in Pennsylvania. The Realty Transfer Tax, a percentage of the value of real estate (including contracted-for improvements to property), is just one of the many burdens that homeowners face, especially young families and working individuals when attempting to buy their first home. This is why I’ll be introducing legislation that will reduce the tax burden and incentivize growth for our local economies by providing an exclusion from the tax for the transfer of property to first-time home buyers. I believe that this exclusion will provide vital assistance to hardworking Pennsylvanians and their families, the very people that will help drive future economic growth and competitiveness for our great Commonwealth. I hope you will join me in empowering young families in our state to afford homes and become invested in Pennsylvania by cosponsoring this legislation. |
Introduced as HB1387