Establishes first-time homebuyer savings accounts in Massachusetts for eligible costs related to purchasing or renting a residence.

The bill establishes first-time homebuyer savings accounts in Massachusetts, allowing individuals to save for eligible costs related to purchasing or renting a residence. Beginning January 1, 2025, individuals can open these accounts with financial institutions to cover costs such as down payments and closing fees for purchasing a single-family residence, or first and last month's rent and security deposits for renting. Account holders can contribute up to $15,000 annually for individual filers and $30,000 for joint filers.

Establishes first-time homebuyer savings accounts in Massachusetts for eligible costs related to purchasing or renting a residence.

The bill establishes first-time homebuyer savings accounts in Massachusetts, allowing individuals to save for eligible costs related to purchasing or renting a residence. Beginning January 1, 2025, individuals can open these accounts with financial institutions to cover costs such as down payments and closing fees for purchasing a single-family residence, or first and last month's rent and security deposits for renting. Account holders can contribute up to $15,000 annually for individual filers and $30,000 for joint filers.