summary
Introduced
01/22/2019
01/22/2019
In Committee
01/22/2019
01/22/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
191st General Court
Bill Summary
For legislation to promote savings for first time homebuyers. Housing.
AI Summary
This bill aims to promote savings for first-time homebuyers in Massachusetts. It establishes a closing costs assistance program that provides grants of up to $2,500 to income-eligible first-time homebuyers to help cover closing costs and fees associated with purchasing a home. The bill also creates a first-time home-buying program that allows individuals to open designated savings accounts, with contributions of up to $4,000 not considered taxable income. The bill further provides a tax credit for up to $5,000 in contributions made to these accounts prior to 2018, and exempts qualifying distributions from the accounts from state income taxes.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Accompanied a study order, see S2527 (on 02/13/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/191/S819 |
| Bill | https://malegislature.gov/Bills/191/S819.pdf |
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