Establishes first-time home buyer savings accounts in Massachusetts for eligible costs of single-family residences.

The bill allows any individual to open a first-time home buyer savings account with a financial institution to pay or reimburse eligible costs for the purchase of a single-family residence in Massachusetts. Account holders must designate a qualified beneficiary by April 15 of the year following the tax year the account is established. Contributions to the account are deductible from taxable income, up to $5,000 for individual filers and $10,000 for joint filers. The account can be jointly owned by individuals filing a joint income tax return.

Establishes first-time home buyer savings accounts in Massachusetts for eligible costs of single-family residences.

The bill allows any individual to open a first-time home buyer savings account with a financial institution to pay or reimburse eligible costs for the purchase of a single-family residence in Massachusetts. Account holders must designate a qualified beneficiary by April 15 of the year following the tax year the account is established. Contributions to the account are deductible from taxable income, up to $5,000 for individual filers and $10,000 for joint filers. The account can be jointly owned by individuals filing a joint income tax return.