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 House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes a new tax on the sale of properties designated as "affordable housing." The tax would be graduated, meaning the rate would increase based on the property’s sale price. The goal is to generate revenue specifically for the development and preservation of affordable housing within Massachusetts. This tax would apply to properties meeting certain affordability criteria, as defined by the state.
Key provisions
- Establishes a graduated deed excise tax on affordable housing sales.
- The tax rate increases with the sale price of the property.
- Revenue generated will be dedicated to affordable housing initiatives.
- Defines ‘affordable housing’ for the purposes of the tax.
- The tax applies to properties meeting specific affordability criteria.
Who is affected
- Property sellers (developers and homeowners)
- Buyers of affordable housing units
- Affordable housing developers
- The state of Massachusetts
- Individuals and families seeking affordable housing
Notable changes
- Creates a new revenue stream specifically for affordable housing.
- Introduces a tiered tax structure based on property value.
- May impact the financial feasibility of selling affordable housing units.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Christopher J. Worrell
Cosponsor
Christopher J. Worrell
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