Pennsylvania SB1300 exempts early withdrawals from certain accounts from personal income tax.

Pennsylvania SB1300 amends the Tax Reform Code of 1971 to exempt early withdrawals from personal income tax for specific purposes. This includes up to $5,000 for each child born or adopted, up to $10,000 for parents together for each child, and up to $10,000 for first-time homebuyers. This change mirrors federal tax exemptions and applies to tax years beginning on or after January 1, 2027.

Pennsylvania SB1300 exempts early withdrawals from certain accounts from personal income tax.

Pennsylvania SB1300 amends the Tax Reform Code of 1971 to exempt early withdrawals from personal income tax for specific purposes. This includes up to $5,000 for each child born or adopted, up to $10,000 for parents together for each child, and up to $10,000 for first-time homebuyers. This change mirrors federal tax exemptions and applies to tax years beginning on or after January 1, 2027.