Bill > S1834

This bill authorizes the establishment of first-time homebuyer savings accounts. Individuals can open these accounts with financial institutions and designate a first-time homebuyer as the qualified beneficiary. Contributions to the accounts are tax-deductible up to $5,000 for individual filers or $10,000 for joint filers, and the earnings on the accounts are also tax-exempt. The funds in the accounts can only be used for eligible costs, such as the down payment and closing costs, for the purchase of a single-family residence in Massachusetts by the designated qualified beneficiary. The bill also outlines the roles and responsibilities of the account holders, financial institutions, and the Department of Revenue in managing and reporting on these accounts.

Budget and Finance

https://malegislature.gov/Bills/192/S1834