To provide exemptions from the real estate excise tax of vacant homes for the purpose of stabilizing neighborhoods with vacant or foreclosed homes. The bill defines qualified persons that are eligible for the excise tax exemptions and is meant to support affordable housing for low-income persons.   Official Text and Analysis.

To exempt qualifying low-income buyers and qualifying nonprofit housing organizations from paying real estate excise taxes with respect to the purchase of foreclosed/unoccupied housing. Limits the total amount of exempted taxes to $750,000 per year statewide and ends the exemption for the duration of that year once the $750,000 threshold is reached.