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House Finance Committee reports first-time homebuyer rebate bill to the full House, 23-3
Summary
The House Finance Committee voted 23-3 to report House Bill 1450, which would create a five-year, first-time homebuyer rebate funded by redirecting 10% of the Realty Transfer Tax; supporters said it would help new buyers, while critics raised fraud and equity concerns.
The House Finance Committee on Monday voted 23-3 to report House Bill 1450, which would create a five-year first-time homebuyer rebate funded by dedicating 10% of the state Realty Transfer Tax to rebates for qualifying first-time buyers.
Representative Nathan Davidson, the bill’s prime sponsor, told the committee the measure is intended to “help homebuyers, and get the market moving,” and thanked staff and his co-sponsor, Representative Kutz, for their work on the measure. Senior committee executive director Mark Forman summarized the bill as establishing a rebate tied to the Realty Transfer Tax.
Supporters and sponsors said the program would encourage homeownership. Committee estimates cited by the chair used the most recent year’s Realty Transfer Tax receipts of $530 million to illustrate the math: 10% redirected to the rebate would equal about…
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