House passes Bizzarro’s first-time homebuyers legislation
Creates tax-deductible savings accounts exclusively for purchase of home
Rep. Ryan Bizzarro June 28, 2024 | 11:47 AM
HARRISBURG, June 28 – A proposal to help first-time homebuyers is moving forward in Harrisburg, state Rep. Ryan Bizzarro, the sponsor of this legislation, announced Friday.
The Pennsylvania House passed Bizzarro’s H.B. 126 Friday morning, sending it to the Senate for further consideration. The bill would allow first-time homebuyers to deposit money into a savings account held in the state Treasury, for the exclusive purpose of purchasing a first home. The money could be deducted from their state income tax, and family or friends can also contribute. Money deposited into these accounts can be used to pay the down payment and closing costs for the purchase of a single-family home in Pennsylvania.
“We’re one step closer to providing this vital program to Pennsylvanians looking to buy their first house. It’s no secret that the current home-buying process is competitive, difficult and expensive. My bill would help alleviate financial barriers for buyers and help them secure a home for their families,” said Bizzarro.
Statistics from the National Association of Realtors show the number of first-time homebuyers has decreased significantly over the past few years due to the skyrocketing housing market. It’s estimated that this program could result in an annual increase of 4,000 home purchases in Pennsylvania.
House Bill 126 now moves to the Senate for consideration.