Bill > H3194

This bill proposes several key changes to increase funding for affordable housing and environmental initiatives by modifying deed excise taxes and creating new tax credits. Specifically, the bill increases the deed excise tax from $2 to $2.28, with additional fees of $1.14 directed to the Global Warming Solutions Trust Fund, $0.68 to the Affordable Housing Trust Fund, and $0.46 to the Housing Preservation and Stabilization Trust Fund. The bill introduces two new tax credits for low-income homeowners: one for individuals selling their primary residence (25% credit) and another for sellers to first-time homebuyers (also 25% credit). These credits would not count as income for means-tested assistance programs. The bill also requires that funds from these trust funds prioritize investments in environmental justice populations, ensure regional equity, and be allocated with considerations of racial justice and fair distribution of resources across the Commonwealth. Additionally, the bill mandates that spending plans for these funds be developed by August 1 each year and posted publicly in a machine-readable format. The changes are set to take effect on January 1, 2026, providing a structured approach to supporting affordable housing and environmental adaptation efforts.

Budget and Finance

https://malegislature.gov/Bills/194/H3194