HARRISBURG – State Rep. Joe Emrick (R-Nazareth) is supporting legislation passed today by the House Urban Affairs Committee that would allow Pennsylvanians to set aside savings, which may be used as a deduction on state income tax, toward the eligible costs of purchasing a first home. House Bill 1981
may now be considered by the full House.
“The dream of home ownership remains alive for many Americans and is still a significant alternative to renting, as well as a great way to build wealth through tax savings and accumulation of equity,” said Emrick. “The toughest part of realizing that dream is getting it off the ground, and House Bill 1981 helps prospective homeowners take that first step.”
House Bill 1981 would create the First-Time Home Buyer Savings Account Act. Any Pennsylvania resident who has never owned or purchased, either individually or jointly, a single-family home would be allowed to establish an account and contribute a maximum of $50,000 over a 10-year period.
“The money could be put toward a down payment and/or allowable closing costs,” Emrick added.
Questions about this or any legislative issue should be directed to Emrick’s district office at (610) 588-8811 or (570) 897-0401.
Representative Joe Emrick
Pennsylvania House of Representatives
Media Contact: Scott Little