Establishes a first-time homebuyer savings account in Massachusetts to help with home purchase costs.

The bill creates a first-time homebuyer savings account to assist individuals in purchasing a single-family residence in Massachusetts. Account holders can contribute up to $10,000 annually, or $20,000 for joint filers, and these contributions are exempt from Massachusetts income tax. The funds can be used for down payments and closing costs, with a maximum lifetime exemption of $100,000 over 15 years. The account can be held jointly, and multiple accounts can be opened, but only one qualified beneficiary can be designated per account.

Establishes a first-time homebuyer savings account in Massachusetts to help with home purchase costs.

The bill creates a first-time homebuyer savings account to assist individuals in purchasing a single-family residence in Massachusetts. Account holders can contribute up to $10,000 annually, or $20,000 for joint filers, and these contributions are exempt from Massachusetts income tax. The funds can be used for down payments and closing costs, with a maximum lifetime exemption of $100,000 over 15 years. The account can be held jointly, and multiple accounts can be opened, but only one qualified beneficiary can be designated per account.