Bill > H3165

This bill modifies Massachusetts tax law to allow resident shareholders of housing cooperatives to claim a tax deduction under specific conditions. Currently, the existing law provides certain tax deductions, and this bill adds a provision that enables housing cooperative shareholders to claim a deduction if they have lived in their cooperative unit for the entire tax year and have not already claimed a deduction for real estate taxes or mortgage interest on their federal income tax return. A housing cooperative is a type of residential arrangement where residents own shares in a corporation that owns the entire property, rather than owning individual units outright. The bill specifically references housing cooperatives organized under Massachusetts General Laws chapters 156B (concerning business corporations) and 157, ensuring that shareholders who meet the residency and non-duplication criteria can benefit from this tax deduction. By preventing duplicate tax deductions at the federal and state levels, the bill aims to provide a fair and targeted tax benefit for housing cooperative residents.

Budget and Finance

https://malegislature.gov/Bills/194/H3165