An Act establishing the Massachusetts downsizing tax credit
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill proposes to create a tax credit in Massachusetts for homeowners who downsize their residences. The credit would be available to eligible homeowners who sell their current property and purchase a smaller home within the state. The goal of the credit is to encourage downsizing and potentially reduce the tax burden on those transitioning to smaller living spaces.
Key provisions
- Provides a tax credit to homeowners who sell a larger home and purchase a smaller one.
- The credit amount would be based on the square footage reduction.
- Eligibility would be tied to purchasing a new home within Massachusetts.
- The bill outlines the process for claiming the credit.
Who is affected
- Homeowners
- Real estate buyers
- Massachusetts residents
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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