Establishes first-time home buyer and rental savings accounts with tax benefits in Massachusetts.
The bill creates two types of savings accounts in Massachusetts: first-time home buyer savings accounts and rental savings accounts. These accounts offer tax deductions and exclusions for contributions and earnings, up to certain limits. Account holders can claim these benefits for up to 15 years, provided the funds remain in the account and are used for eligible costs. The bill also outlines rules for account contributions, penalties for misuse, and reporting requirements for account holders.
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