Pennsylvania 2023-2024 Regular Session

Pennsylvania House Bill HB1939

Introduced
1/3/24  

Caption

In realty transfer tax, providing for deductions.

Impact

The implementation of HB 1939 may have significant implications for state revenue associated with real estate transactions. On one side, the bill is poised to lower the tax burden on property owners, which could result in increased home buying and selling activity, thereby stimulating the housing market. Conversely, it may lead to reduced revenue for the state from transfer taxes, necessitating adjustments in the state's budget and funding allocation strategies. The overall goal is to create a more favorable environment for property transactions without significantly compromising state funds.

Summary

House Bill 1939 aims to amend regulations associated with the realty transfer tax by introducing specific provisions for deductions. The bill intends to relieve some of the financial burdens associated with real estate transactions for certain categories of property owners. By potentially streamlining how deductions are applied within the context of property transfers, the legislation could simplify processes for homeowners and real estate agents alike. The focus is on making realty transactions more economically viable for individuals and entities facing high taxation related to property transfers.

Sentiment

The sentiment surrounding HB 1939 appears to be cautiously optimistic among supporters, mainly comprising real estate agents and property owners who view the proposed deductions as a step towards more equitable taxation in real estate. Critics, however, raise concerns about the long-term financial implications for state revenues. The divergence in views highlights the tension between promoting economic activity in the real estate sector and maintaining a stable revenue stream for state operations.

Contention

Notable points of contention regarding HB 1939 revolve around the balance between tax relief for property owners and the potential decrease in state revenue. Legislators are debating the long-term effects of such deductions on the overall fiscal health of the state. Some opponents argue that while the bill may provide immediate benefits, it could lead to challenges in funding public services that rely on consistent tax revenue from realty transfers. This ongoing debate emphasizes the complexity of tax law reform and its ripple effects on broader economic conditions.

Companion Bills

No companion bills found.

Previously Filed As

PA HB842

In realty transfer tax, providing for deductions.

PA HB1219

In personal income tax, further providing for classes of income and for special tax provisions for poverty and providing for alternative special tax provisions for poverty; in corporate net income tax, further providing for definitions, for imposition of tax, for reports and payment of tax, for consolidated reports and for manufacturing innovation and reinvestment deduction; in realty transfer tax, further providing for transfer of tax; in tax credit and tax benefit administration, further providing for definitions; in entertainment production tax credit, further providing for definitions, for credit for qualified film production expenses, for carryover, carryback and assignment of credit and for limitations; in Pennsylvania Economic Development for a Growing Economy (PA EDGE) tax credits, providing for biotechnology; in neighborhood assistance tax credit, further providing for tax credit and for grant of tax credit; providing for expanded neighborhood improvement zones; in Pennsylvania Child and Dependent Care Enhancement Tax Credit Program, further providing for credit for child and dependent care employment-related expenses; providing for Public Transportation Trust Fund; and, in general provisions, further providing for underpayment of estimated tax, for method of filing and for allocation of tax credits.

PA HB1387

In realty transfer tax, further providing for excluded transactions; and, in local real estate transfer tax, further providing for imposition.

PA HB214

In realty transfer tax, further providing for excluded transactions; and, in local real estate transfer tax, further providing for imposition.

PA HB1316

In realty transfer tax, further providing for transfer of tax.

PA SB815

In realty transfer tax, further providing for excluded transactions; and, in local real estate transfer tax, further providing for imposition.

PA SB815

In personal income tax, further providing for imposition of tax and for taxability of estates, trusts and their beneficiaries; and, in corporate net income tax, further providing for manufacturing innovation and reinvestment deduction.

PA HB1649

Eliminating school district property taxes; imposing county and school district taxes; establishing the School District Emergency Fund and the School District Property Tax Elimination Fund; consolidating Articles II and III of the Tax Reform Code of 1971; in preliminary provisions relating to sales and use tax, providing for definitions; in taxation generally relating to sales and use tax, providing for exclusions and for transfer to county sales and use tax accounts; in preliminary provisions relating to personal income tax, providing for definitions; and making repeals.

PA SB654

In sales and use tax, further providing for

PA HB643

In realty transfer tax, further providing for transfer of tax.

Similar Bills

No similar bills found.