No. SB 752
Filed under Taxes & Budget.
Taxation of First-time Buyers; Specifying that documentary stamp taxes do not apply to deeds, transfers, or conveyances of residential property to first-time homebuyers; defining the term “first-time homebuyer”; specifying that documentary stamp taxes do not apply to certain documents executed by a first-time homebuyer in connection with the purchase of a principal residence, etc.
Plain English Summary
AI-GENERATEDFirst-time homebuyers will not pay documentary stamp taxes on the deed transferring their new principal residence. This exemption applies to the transfer of residential property to the buyer.
The same buyers will also avoid stamp taxes on the promissory notes they sign when purchasing their home. This covers the financial documents executed in connection with the purchase.
To qualify, a buyer must not have owned a principal residence in the three years before the purchase. The buyer must also meet the state's definition of a moderate-income person.
These tax exemptions take effect on July 1, 2026. The rules apply to both the property deed and the associated loan documents.
AIRemoves the documentary stamp tax on the deed or transfer document when a first-time homebuyer buys residential property to use as their main home.
AIRemoves the documentary stamp tax on promissory notes and other payment obligations signed by a first-time homebuyer when buying their main home.
AILimits the tax exemptions to people who have not owned a main home in the last three years and who meet the state's moderate-income standard.