Pennsylvania HB818 establishes first-time homebuyer savings accounts to help individuals purchase their first single-family residence.

Pennsylvania HB818 creates the First-time Homebuyer Savings Account Program, allowing eligible individuals to establish savings accounts for purchasing their first single-family residence. The accounts permit contributions up to $5,000 annually for individual filers and $10,000 for joint filers, with a maximum account balance of $150,000. Contributions and earnings are tax-deductible and excluded from taxable income, provided the funds are used for eligible costs such as down payments and closing costs.

Pennsylvania HB818 establishes first-time homebuyer savings accounts to help individuals purchase their first single-family residence.

Pennsylvania HB818 creates the First-time Homebuyer Savings Account Program, allowing eligible individuals to establish savings accounts for purchasing their first single-family residence. The accounts permit contributions up to $5,000 annually for individual filers and $10,000 for joint filers, with a maximum account balance of $150,000. Contributions and earnings are tax-deductible and excluded from taxable income, provided the funds are used for eligible costs such as down payments and closing costs.