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A First-Time Homebuyer Savings Account (FHSA) would allow any Pennsylvanian to set aside savings toward the costs of purchasing a new home. The money saved in the FHSA may be used as a deduction on state income tax. FHSAs are a great way for future homeowners to start saving early for the costs of buying a home. Similar programs exist in Colorado, Iowa, Minnesota, Mississippi, Montana, New York and Virginia and several other states are considering similar programs.
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