Pennsylvania HB2511 exempts early withdrawals from personal income tax for specific purposes.

Pennsylvania HB2511 amends the Tax Reform Code of 1971 to exempt early withdrawals from personal income tax for certain purposes. Specifically, it exempts expenses related to the birth or adoption of a child and the purchase of a house by a first-time homebuyer. Each parent can withdraw up to $5,000 individually for each child born or adopted, and together they can withdraw up to $10,000 per child. First-time homebuyers can withdraw up to $10,000. This exemption applies to tax years beginning on or after January 1, 2027.

Pennsylvania HB2511 exempts early withdrawals from personal income tax for specific purposes.

Pennsylvania HB2511 amends the Tax Reform Code of 1971 to exempt early withdrawals from personal income tax for certain purposes. Specifically, it exempts expenses related to the birth or adoption of a child and the purchase of a house by a first-time homebuyer. Each parent can withdraw up to $5,000 individually for each child born or adopted, and together they can withdraw up to $10,000 per child. First-time homebuyers can withdraw up to $10,000. This exemption applies to tax years beginning on or after January 1, 2027.