Establishes a tax credit for first-time homebuyers in Massachusetts to cover additional closing costs.
The bill introduces a refundable tax credit for first-time homebuyers in Massachusetts. This credit is intended to cover additional closing costs such as appraisal fees, mortgage generation fees, bank fees, recording fees, inspection fees, attorney fees, and escrow fees. A first-time homebuyer is defined as a Massachusetts resident who has not owned a home in the last three years. The credit aims to alleviate the financial burden associated with purchasing a home.
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