summary
Introduced
07/19/2017
07/19/2017
In Committee
09/14/2017
09/14/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
190th General Court
Bill Summary
Relative to the establishment of first-time homebuyer savings accounts and providing for an income tax deduction for certain amounts contributed to such accounts. Revenue.
AI Summary
This bill authorizes the establishment of first-time homebuyer savings accounts in Massachusetts. It allows individuals to open these accounts and designate a first-time homebuyer as the qualified beneficiary. The bill provides an income tax deduction for contributions to these accounts, up to $5,000 for individual filers or $10,000 for joint filers, as well as a deduction for earnings on the account. Funds in the account can be used for eligible costs, such as a down payment and closing costs, when the qualified beneficiary purchases a single-family residence in Massachusetts. The bill also outlines rules and restrictions for these accounts, including limitations on the time period and total amount that can be claimed as a deduction.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Accompanied a study order, see H4244 (on 02/22/2018)
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/H3919 |
| Bill | https://malegislature.gov/Bills/190/H3919.pdf |
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