Section 6 of chapter 62 of the General Laws is hereby amended by adding the following subsection:-
(jj) A taxpayer shall be allowed a credit against the taxes imposed by this chapter in an amount equal to 50 per cent of the capital gain income from the sale of a residential property to a first-time home buyer for use as their primary residence; provided, that the sale price of the property is less than $750,000; provided further, that the residential property contains 4 or fewer residential dwelling units; and provided further, that such credit shall not exceed $7,500 for a single person, married person filing a separate return, head of household or married persons filing jointly.
The information contained in this website is for general information purposes only. The General Court provides this information as a public service and while we endeavor to keep the data accurate and current to the best of our ability, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.