An Act encouraging home ownership by establishing a first time home buyers savings account
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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 to create a savings account specifically for first-time homebuyers in Massachusetts. It would allow individuals to contribute to the account and receive an income tax deduction for those contributions. The goal is to encourage more people to enter the housing market by providing a financial incentive to save for a down payment. This initiative aims to make homeownership more accessible to those who have not previously owned a home.
Key provisions
- Establishment of a first-time homebuyer savings account.
- Allows contributions to the account.
- Provides an income tax deduction for contributions made.
- Targeted at individuals who have not previously owned a home.
Who is affected
- First-time homebuyers
- Massachusetts residents
- Individuals seeking to purchase a home
Notable changes
- Introduces a new mechanism for financial assistance to first-time homebuyers.
- Creates an income tax deduction specifically for homeownership savings.
Bill text
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Sponsors
Official sponsors from legislative records.
9 on record
Primary sponsor
Daniel Cahill
Cosponsors
Christopher Hendricks
Daniel Cahill
Jack Patrick Lewis
Arguments
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