HD 2739 creates a Massachusetts tax-advantaged savings account to help first-time homebuyers. It allows individuals to open a designated savings account (with a financial institution) to save for down payments and closing costs on a single-family home, with tax deductions for contributions (up to $10,000 annually for individuals or $20,000 for joint filers). The account must be used within 15 years for eligible home purchases by a qualified beneficiary (a Massachusetts resident who hasn’t owned a home in 3 years), with a lifetime cap of $100,000 in contributions and earnings. Unused funds after the 15-year period become taxable income. The bill applies specifically to Massachusetts income tax returns and does not provide direct grants or loans.
HD 2421 expands homestead exemptions to provide greater financial protection for vulnerable homeowners in Massachusetts. It adds a 25% additional exemption for residents aged 65+ or those with a documented disability meeting federal SSI criteria, while setting annual exemption limits between $250,000 and $1.25 million based on county median home values - adjusted yearly for inflation. First-time homebuyers earning under 120% of area median income qualify for a temporary 10% exemption boost during their first five years. The bill also requires the state to launch an education campaign about homestead rights and publish annual reports tracking exemption usage and impacts, effective January 1, 2026.
By Representative Stanley of Waltham, a petition (accompanied by bill, House, No. 3252) of Thomas M. Stanley relative to property tax relief for older adults. Revenue.
This bill creates Historic District Stabilization Committees in Massachusetts communities facing foreclosure crises in designated historic areas. The committees, formed by local organizations, can acquire properties through eminent domain at fair market value to prevent vacant/vandalized homes. They must conduct market studies to establish a Community Appraisal Framework, manage occupied properties through homeowner counseling, and restore vacant properties to meet federal rehabilitation standards. These committees will also market acquired properties using the established framework to stabilize neighborhood values. The bill directly affects historic districts with high foreclosure rates, aiming to protect community investments without harming legitimate financial interests.
This bill amends the definition of "real estate tax payment" to expand eligibility for an existing tax credit for older homeowners. It now includes 50% of paid water and sewer charges (where communities don't assess them) and 50% of homeowner's insurance costs when calculating the credit. The change directly affects older adults owning residential property who pay real estate taxes, making more expenses count toward their credit. For multi-unit properties, the bill clarifies that shared costs like water, sewer, and insurance are included proportionally.
This bill creates a tax credit for sellers of residential properties in Massachusetts who sell to first-time home buyers using the home as their primary residence. Sellers would receive a credit equal to 50% of the profit (capital gain) from the sale, up to a maximum of $7,500 per transaction. The credit applies only to properties priced under $750,000, containing four or fewer dwelling units, and sold to buyers who have never owned a home before. The policy directly affects sellers meeting these criteria by reducing their tax liability on the sale.
This bill creates a tax deduction for Massachusetts first-time homebuyers equal to their closing costs. It defines "first-time homebuyer" as a resident who hasn't owned a home in the past three years and specifies "closing costs" to include fees like appraisals, inspections, attorney fees, and recording charges. The deduction applies directly to eligible buyers when filing state taxes, reducing their taxable income by the amount of qualifying closing expenses. This policy change aims to lower upfront costs for new homebuyers in Massachusetts.
This bill amends Massachusetts' fair housing law (Chapter 151B) to expand protections beyond rental housing. It adds "home sales" to the list of covered areas and includes "prospective homebuyers" alongside tenants. The law now explicitly prohibits discrimination in home buying, rental accommodations, and downpayment assistance programs. These changes directly affect home sellers, buyers, and lenders in Massachusetts by extending fair housing safeguards to the home purchase process.
HD 1735 imposes a tax on large real estate investment firms (defined as entities managing $10 million or more in assets) that own more residential properties (1-4 units) than allowed under phased ownership limits. The tax equals $10 million multiplied by the number of excess properties, calculated annually based on a declining percentage of their 2023 holdings over nine years. Revenue from this tax funds a down payment assistance program for first-time homebuyers purchasing residential properties, administered through the Housing Down Payment Trust Fund. The bill directly affects large investment firms managing significant residential portfolios, requiring them to reduce holdings or pay the tax, while excluding nonprofit organizations and affordable housing from its scope.
By Representative Markey of Dartmouth, a petition (accompanied by bill, House, No. 3182) of Christopher M. Markey relative to a capital gains tax credit for first time homebuyers. Revenue.
