HARRISBURG – The PA Senate Urban Affairs and Housing Committee approved Senate Bill 157 which permits eligible Pennsylvanians to open special savings accounts and take state tax deductions for savings toward expenses such as a down payment and closing costs for a new home. The bill would apply to first-time home buyers and those who have not owned or purchased a home within the three years leading up to the purchase, according to bill sponsor, Sen. Bob Mensch of Berks, Bucks, & Montgomery Counties. Account holders would be permitted to contribute a total of $50,000 over a 10-year period. Annual contributions would be capped at $5,000 for single taxpayers and $10,000 for those filing a joint return.

SEN. BOB MENSCH