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 Funds withdrawn for non-eligible costs are subject to income tax and a penalty.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.

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 Funds withdrawn for non-eligible costs are subject to income tax and a penalty.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.