Bill > S1628

This bill authorizes the establishment of first-time homebuyer savings accounts in Massachusetts. The key provisions allow individuals to open such accounts with financial institutions and designate a qualified first-time homebuyer as the beneficiary. Contributions to the account, up to $5,000 for an individual or $10,000 for joint filers, and the earnings on the account can be deducted from taxable income. The funds in the account must be used for eligible costs, such as down payments and closing costs, for the purchase of a single-family residence in Massachusetts by the qualified beneficiary. If the funds are withdrawn for other purposes, they are subject to income tax and a penalty, except in certain circumstances such as the account holder's death or disability.

Budget and Finance

https://malegislature.gov/Bills/191/S1628