Bill > H3182

This bill introduces a tax credit for first-time homebuyers in Massachusetts that helps offset capital gains tax when purchasing a primary residence. Specifically, the bill defines a "first-time homebuyer" as a Massachusetts resident who has not owned a home in the past three years and provides a refundable tax credit for individuals who use capital investment funds toward their home down payment. The credit will be equal to the lower of either the capital gains tax owed or the total value of the down payment, with the requirement that the capital funds must be liquidated within 60 days before the property transfer. This legislation aims to make homeownership more accessible by providing financial relief to individuals entering the housing market, particularly by allowing them to use investment gains to reduce the upfront costs of purchasing a home.

Budget and Finance

https://malegislature.gov/Bills/194/H3182