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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | November 28, 2023 11:48 AM |
|---|---|
| From: | Representative Joe Webster |
| To: | All House members |
| Subject: | Real Estate Transfer Tax Deduction for Affordable Housing |
| In a market dominated by corporate buyers and high asking prices, combined with the hurdles that continue to face low-income families in search of housing, action needs to be taken to make homeownership more affordable. My legislation would both incentivize selling homes at affordable prices and ease the burden of lower-income buyers. First, this legislation would establish an income tax deduction available to both the buyer and seller in an amount equal to their respective share of the state realty transfer tax if the home is sold at price that is no more than 80% of the median purchase price for a residential property in the county where the property is located. Second, low-income buyers would be issued the same deduction if they collect Supplemental Security Income (SSI) benefits or have a household income not greater than 215% of the Federal poverty level. Affordable housing is becoming more and more difficult to find. Recent reporting on the housing market found that the median sale price of a home in Pennsylvania has doubled over the last five years. The situation is made worse by an overall shortage of housing which, according to the Housing Alliance of Pennsylvania, has reach critical levels. Please join me in working to ease the affordable housing crisis and co-sponsor this timely legislation. |
Introduced as HB1939