DE HB380

Establishes a "first-time home buyer" definition for individuals and couples who have never held direct legal interest in residential real estate and intend to occupy the property as their principal residence within 90 days of purchase.

Reduces realty transfer tax for first-time home buyers by 1/2 percent on the lesser of the property value or $400,000, effective for transactions on or after August 1, 2017.

Requires county governments to exempt first-time home buyers from county realty transfer tax up to at least $400,000 in property value, with authority to increase the exemption amount by ordinance.

Makes the first-time home buyer tax credit retroactive to contracts dated on or after August 1, 2017, with refund requests for previously paid taxes directed to the Division of Revenue.

Takes effect upon enactment.