State Sen. Bob Mensch (R- Bucks, Montgomery and Berks counties) recently spoke at the Upper Bucks Chamber of Commerce “State of the State” event.
Mensch discussed the re-introduction of several bills, including the Pennsylvania
First-Time Home Buyer Savings Account Act. The legislation establishes first-time homebuyer savings accounts for eligible Pennsylvanians. The accounts are state tax deductible for savings toward expenses such as a down payment and closing costs.
“Since the 2009 financial crisis, the number of first-time homebuyers has decreased significantly,” Mensch said. “According to the National Association of Realtors, the share of first-time homebuyers in the national home sale market has fallen from 45 percent to just 32 percent. Home ownership strengthens communities and provides stability for families. A first-time homebuyers saving account will be an important tool in helping people overcome the financial obstacles to home ownership.”
Mensch also discussed Gov. Tom Wolf’s proposed budget and the passage of Act 1 of 2019.
The act amends the Public Employee Pension Forfeiture Act of 1978 to take away pension benefits from elected officials and public employees who commit a job-related felony offense or spend one more than five years in prison. The crimes are listed in Title 18 of the Pennsylvania Consolidated Statutes