Bill
Bill > S1507
summary
Introduced
01/23/2017
01/23/2017
In Committee
07/25/2018
07/25/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
For legislation to authorize the establishment of first-time homebuyer savings accounts. Revenue.
AI Summary
This bill authorizes the establishment of first-time homebuyer savings accounts in Massachusetts. The key provisions allow individuals to open such accounts with financial institutions and designate a qualified first-time homebuyer as the beneficiary. Account holders can deduct up to $5,000 (or $10,000 for joint filers) in contributions and the earnings on the account from their taxable income, for a total of $50,000 over 15 years. The funds must be used for eligible costs, such as down payments and closing costs, for the purchase of a single-family residence in Massachusetts by the qualified beneficiary. The bill also outlines the responsibilities of financial institutions and the process for designating and reporting on these accounts to the Department of Revenue.
Committee Categories
Budget and Finance
Sponsors (7)
Mike Connolly (D),
William Crocker (R),
Julian Cyr (D),
Dylan Fernandes (D),
Patrick O'Connor (R),
Sarah Peake (D),
Richard Ross (R),
Last Action
Read and referred to the committee on Senate Ways and Means (on 07/25/2018)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://malegislature.gov/Bills/190/S1507 |
| Bill | https://malegislature.gov/Bills/190/S1507.pdf |
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