Establishes a first-time homebuyer savings account in Massachusetts to encourage homeownership.
The bill establishes a first-time homebuyer savings account in Massachusetts, allowing individuals to contribute funds tax-free. Contributions up to $5,000 for individuals and $10,000 for joint filers are deductible from taxable income. The account can be used for eligible costs related to purchasing a single-family residence in Massachusetts. The account can be held for up to 15 years, with a maximum balance of $50,000. Funds withdrawn for non-eligible costs are subject to income tax and a penalty. Financial institutions are not required to manage or report on these accounts.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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