Establishes a Massachusetts downsizing tax credit for individuals moving to a smaller property.
The bill amends the General Laws of Massachusetts to create a downsizing tax credit for individuals who move their principal residence from within the state to a new property with at least 50% less square footage than their previous home. The credit is capped at $10,000. This measure aims to incentivize downsizing by providing a financial benefit to those reducing their living space.
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