Bill > H3216

This bill proposes to amend existing Massachusetts tax law by creating a new tax credit for individuals selling residential property to first-time home buyers. Specifically, the bill allows sellers to receive a tax credit equal to 50% of their capital gain income from the sale, with several important conditions: the property must be sold for less than $750,000, contain 4 or fewer residential units, and be used as the buyer's primary residence. The tax credit has a maximum limit of $7,500, which applies to different filing statuses including single individuals, married persons filing separately, heads of household, and married couples filing jointly. The purpose of this legislation appears to be to incentivize home sales to first-time buyers by providing a significant tax benefit to sellers, potentially making home ownership more accessible by encouraging more affordable property transactions.

Budget and Finance

https://malegislature.gov/Bills/194/H3216