Pennsylvania SB815 exempts first-time homebuyers from realty transfer tax.

Pennsylvania SB815 amends the Tax Reform Code of 1971 to exclude transfers of real estate to first-time homebuyers from the realty transfer tax. A first-time homebuyer is defined as someone who resides in Pennsylvania, will be domiciled in a single-family residence, and has not owned or purchased a single-family residence before. This exemption applies to transfers made on or after the act's effective date, which is 60 days after the act's enactment.

Pennsylvania SB815 exempts first-time homebuyers from realty transfer tax.

Pennsylvania SB815 amends the Tax Reform Code of 1971 to exclude transfers of real estate to first-time homebuyers from the realty transfer tax. A first-time homebuyer is defined as someone who resides in Pennsylvania, will be domiciled in a single-family residence, and has not owned or purchased a single-family residence before. This exemption applies to transfers made on or after the act's effective date, which is 60 days after the act's enactment.