Establishes first-time home buyer savings accounts and rental savings accounts in Massachusetts, detailing contribution limits, eligible costs, and.

The bill introduces first-time home buyer savings accounts and rental savings accounts in Massachusetts. Account holders can contribute up to $25,000 annually for home buyer accounts and $15,000 for rental accounts. These accounts can be jointly owned if the holders file a joint tax return. Funds withdrawn for non-eligible costs are subject to taxation and penalties. The Department of Revenue must prepare forms for account designation and beneficiary designation. Financial institutions are not liable for ensuring account compliance or reporting penalties.

Establishes first-time home buyer savings accounts and rental savings accounts in Massachusetts, detailing contribution limits, eligible costs, and.

The bill introduces first-time home buyer savings accounts and rental savings accounts in Massachusetts. Account holders can contribute up to $25,000 annually for home buyer accounts and $15,000 for rental accounts. These accounts can be jointly owned if the holders file a joint tax return. Funds withdrawn for non-eligible costs are subject to taxation and penalties. The Department of Revenue must prepare forms for account designation and beneficiary designation. Financial institutions are not liable for ensuring account compliance or reporting penalties.