Establishes first-time homebuyer savings accounts to encourage homeownership in Massachusetts.
The bill establishes first-time homebuyer savings accounts to encourage homeownership in Massachusetts. These accounts allow individuals to contribute up to $5,000 per year, or $10,000 for joint filers, and earn tax-free interest. Contributions are deductible from taxable income. Funds can only be used for eligible costs related to the purchase of a single-family residence in Massachusetts. Withdrawals for other purposes are subject to income tax and a penalty.
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