Bill > S2001

This bill proposes to establish a Massachusetts downsizing tax credit that would provide a tax deduction of up to $10,000 for individuals who significantly reduce the size of their primary residence within the state. Specifically, the tax credit applies to homeowners who move to a new property with a gross square footage that is at least 50% smaller than their previous property. The provision would be added to Part B, subsection (a) of Section 3 in Chapter 62 of the Massachusetts General Laws, which governs state income taxation. By offering this financial incentive, the bill aims to encourage homeowners, potentially older residents or those looking to reduce their housing costs, to downsize their living spaces while providing them with some financial relief through a tax credit.

Budget and Finance

https://malegislature.gov/Bills/194/S2001