Bill > H3181

This bill introduces a tax deduction for first-time homebuyers in Massachusetts, providing financial relief for individuals purchasing their first home. The bill defines a "first-time homebuyer" as a Massachusetts resident who has not owned a home in the past three years. It also defines "closing costs" broadly to include various expenses associated with obtaining a mortgage, such as appraisal fees, mortgage generation fees, bank fees, recording fees, inspection fees, attorney fees, and escrow fees. Specifically, the legislation creates a tax deduction equal to the total amount of these additional closing costs incurred during the home-buying process. This measure aims to make homeownership more accessible and affordable for individuals entering the housing market by offering a financial incentive that can help offset some of the substantial upfront expenses typically associated with purchasing a home.

Budget and Finance

https://malegislature.gov/Bills/194/H3181