An Act establishing the Massachusetts downsizing tax credit
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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 creates a tax credit in Massachusetts for homeowners who voluntarily downsize their residences. The credit is designed to encourage seniors and others to move to smaller homes, potentially freeing up larger properties for sale or rental. Eligible homeowners can receive a credit based on the difference between the size of their previous home and their current home, up to a certain limit. The goal is to provide financial assistance during a significant life transition.
Key provisions
- Provides a tax credit for downsizing.
- The credit is based on the square footage reduction.
- The maximum credit amount is specified.
- Eligibility includes seniors and those voluntarily downsizing.
- The credit is intended to incentivize smaller housing choices.
Who is affected
- Homeowners
- Seniors
- Individuals downsizing
- Real estate market
Notable changes
- Introduces a new state tax credit.
- Provides a financial incentive for downsizing.
Fiscal impact
The bill may have a positive fiscal impact by potentially increasing housing turnover and generating property tax revenue.
Bill text
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Sponsors
Official sponsors from legislative records.
2 on record
Primary sponsor
Cosponsor
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