S2523
First Time Homebuyers Savings Account
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- Passed Senate
- Passed House
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Bill overview
This amendment proposes establishing a savings account specifically designed to assist first-time homebuyers in Massachusetts. The account would offer a state income tax credit for contributions made to the account, up to a certain limit. Funds saved in the account could then be used for down payments or closing costs on a first home. The amendment is attached to a larger bill concerning the state’s fiscal year 2026 appropriations.
Key provisions
- Creates a First Time Homebuyers Savings Account.
- Allows for a state income tax credit for contributions to the account.
- Sets a limit on the amount that can be contributed to the account.
- Funds saved can be used for down payments or closing costs.
- The amendment is linked to the fiscal year 2026 appropriations bill.
Who is affected
- First-time homebuyers in Massachusetts
- Massachusetts taxpayers
Sponsors
Official sponsors from legislative records.
Primary sponsor
Bruce E. Tarr
Cosponsors
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Amendment S.2523 194th (Current)
Senate, May 20, 2025 -- Text of amendment (250) (offered by Senator Tarr) to the Ways and Means amendment (Senate, No. 3) to the House Bill making appropriations for the fiscal year 2026 for the maintenance of the departments, boards, commissions, institutions, and certain activities of the Commonwealth, for interest, sinking fund, and serial bond requirements, and for certain permanent improvements.
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Bill Information
Bill Information
Sponsor: Bruce E. Tarr
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Amendment History Cosponsors
Bill History
Displaying 1 action for Bill S.2523
| Date | Branch | Action |
| 5/20/2025 | Senate | See S3 |
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