MA H2456

Bill

Encouraging home ownership by establishing a first time home buyers savings account

Introduced
01/22/2019

In Committee
02/27/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

191st General Court

Bill Summary

Relative to the establishment of first-time homebuyer savings accounts and providing for an income tax deduction for certain amounts contributed to such accounts. Revenue.

AI Summary

This bill establishes a first-time homebuyer savings account program in Massachusetts. The key provisions allow individuals to open a designated account at a financial institution and contribute up to $5,000 (or $10,000 for joint filers) annually, which can then be deducted from their taxable income. The funds in the account can be used to cover the down payment and closing costs for the purchase of a single-family residence in Massachusetts by a qualified first-time homebuyer. The bill also provides guidelines for account ownership, beneficiary designation, and withdrawal penalties for non-eligible expenses.

Committee Categories

Budget and Finance

Sponsors (8)

Julian Cyr (D), Dylan Fernandes (D), Jim Hawkins (D), Russell Holmes (D), Randy Hunt (R), Patrick Kearney (D), David LeBoeuf (D), Brian Murray (D),

Last Action

Bill reported favorably by committee and referred to the committee on House Ways and Means (on 02/27/2020)

Official Document

https://malegislature.gov/Bills/191/H2456

(9 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://malegislature.gov/Bills/191/H2456
Bill	https://malegislature.gov/Bills/191/H2456.pdf

Bill	Bill Name	Last Action	Type
H2450	Promoting student loan repayment	Accompanied a study order, see H5040	Similar To
H2465	Relative to promoting the commonwealth tax incentive	Accompanied a study order, see H5128	Similar To
H2491	Relative to charitable donations	Accompanied a study order, see H5128	Similar To
H2537	To create an income tax deduction for municipal and school fees	Accompanied a study order, see H5128	Similar To
H2568	Establishing a college tuition tax deduction	Accompanied a study order, see H5080	Similar To
H2575	Relative to gun safe deductions	Accompanied a study order, see H5080	Similar To
S1615	Relative to the income tax deduction for charitable giving	Accompanied a study order, see H5080	Similar To
S1628	Authorizing the establishment of first-time homebuyer savings accounts	Accompanied H2456	Replaces
S819	Promoting savings for first time homebuyers	Accompanied a study order, see S2527	Similar To

Bill > H2456

MA H2456

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (8)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary