Bill > H3180

This bill introduces a refundable tax credit for first-time homebuyers in Massachusetts, specifically designed to help offset the financial burden of closing costs associated with purchasing a home. The bill defines a "first-time homebuyer" as a Massachusetts resident who has not owned a home in the past three years and defines "closing costs" comprehensively to include various expenses beyond the down payment, such as appraisal fees, mortgage generation fees, bank fees, recording fees, inspection fees, attorney fees, and escrow fees. Under this legislation, first-time homebuyers would be eligible for a tax credit equal to the total amount of their closing costs, which can be refunded even if the credit exceeds the individual's tax liability. This provision aims to make home ownership more accessible by providing financial relief for the often substantial expenses associated with purchasing a first home, which can be a significant barrier for many potential homeowners.

Budget and Finance

https://malegislature.gov/Bills/194/H3180