Establishes first-time homebuyer savings accounts in Massachusetts with tax benefits.

The bill creates first-time homebuyer savings accounts in Massachusetts, allowing individuals to contribute up to $25,000 annually for individuals and $50,000 for joint filers. These accounts can be used to pay eligible costs for purchasing a single-family residence. Contributions and earnings are tax-deductible. Account holders can designate a qualified beneficiary, who must be a first-time homebuyer. Funds not used for eligible costs after 15 years are taxable. Financial institutions are not liable for ensuring account compliance or proper use of funds.

Establishes first-time homebuyer savings accounts in Massachusetts with tax benefits.

The bill creates first-time homebuyer savings accounts in Massachusetts, allowing individuals to contribute up to $25,000 annually for individuals and $50,000 for joint filers. These accounts can be used to pay eligible costs for purchasing a single-family residence. Contributions and earnings are tax-deductible. Account holders can designate a qualified beneficiary, who must be a first-time homebuyer. Funds not used for eligible costs after 15 years are taxable. Financial institutions are not liable for ensuring account compliance or proper use of funds.