State lawmakers could give first-time homebuyers a tax break.
They increased the realty transfer tax by 1 percent last year to cover a deep budget hole. The buyer and seller each pay half of the increase.
But legislation sponsored by House Speaker Pete Schwartzkopf and Senate President Pro Tem David McBride would exempt first-time buyers from that increase, saving them up to $2,000.
McBride is optimistic members of the Joint Finance Committee will free up revenue in the state’s budget to pay for the bill.
“Obviously when the budget committee meets in a few weeks, that’ll all be rolled into it," he said. "So, I’m hopeful that they in fact will find the money.”
The legislation would allow Delawareans who purchased their first home on or after August 1st 2017 to apply for a refund.
“I’m very happy that we’re rolling it back to help those who have made a purchase since August 1st,” McBride said.
He said they’re still determining about how many people would qualify for the tax break or what might cost.