An Act relative to a capital gains tax credit for first time homebuyers
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes a capital gains tax credit for first-time homebuyers in Massachusetts. The credit is intended to encourage homeownership by reducing the tax liability associated with selling a previously owned home. It would provide a credit to eligible first-time homebuyers when they sell a property they previously owned, helping to offset capital gains taxes.
Key provisions
- Provides a capital gains tax credit to first-time homebuyers.
- The credit is applied when selling a previously owned home.
- Eligibility is limited to first-time homebuyers.
- Specific credit amount is not detailed in the provided text.
- The bill references a related study order (H5318).
Who is affected
- First-time homebuyers
- Real estate investors
- Taxpayers in Massachusetts
Notable changes
- Introduces a new tax credit for first-time homebuyers.
- Potentially modifies existing capital gains tax rules.
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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