An Act encouraging home ownership by establishing a first time home buyers savings account

Summary

The bill lets Massachusetts residents open a special savings account that can be used for down‑payment and closing costs on a first‑time home purchase. Contributions up to $5,000 (or $10,000 for joint filers) and any earnings are deductible from state income tax, but only if the money stays in the account until it’s spent on an eligible home. It aims to make home ownership more affordable for people who haven’t owned a home in the past three years.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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