An Act creating a graduated deed excise tax for affordable housing
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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 establish a graduated deed excise tax on the sale of properties used for affordable housing in Massachusetts. The tax rate would increase based on the property’s assessed value, with the goal of generating revenue to support the development and preservation of affordable housing. Revenue generated from this tax would be dedicated to programs that promote affordable housing opportunities. The bill aims to incentivize the creation and maintenance of affordable housing units within the state.
Key provisions
- Establishes a graduated deed excise tax for affordable housing.
- Tax rates increase with property value.
- Revenue generated is earmarked for affordable housing programs.
- Applies to properties designated as affordable housing.
- The tax applies to the transfer of ownership of these properties.
Who is affected
- Developers of affordable housing
- Homebuyers of affordable housing units
- Property owners of affordable housing
- Massachusetts residents
- The affordable housing sector
Notable changes
- Creates a new tax specifically for affordable housing transactions.
- The graduated tax structure differentiates rates based on property value.
- Revenue is specifically designated for affordable housing initiatives.
Fiscal impact
Bill text
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Sponsors
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2 on record
Primary sponsor
Cosponsor
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