HOUSE DOCKET, NO. 3293        FILED ON: 1/17/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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PRESENTED BY:

Christopher M. Markey

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to a first-time homebuyer tax deduction.

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PETITION OF:

HOUSE DOCKET, NO. 3293        FILED ON: 1/17/2025

HOUSE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No.         

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Fourth General Court
(2025-2026)

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An Act relative to a first-time homebuyer tax deduction.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

Section 1. As used in this section, the following words shall, unless the context clearly requires otherwise, have the following meanings:

“Closing Cost,” any expenses associated with a mortgage beyond the down payment, including appraisal fees, mortgage generation fees, bank fees, mortgage generation fees, bank fees, recording fees, inspection fees, attorney fees and escrow fees.

“First-time homebuyer,” a Massachusetts resident who has not owned a home at any point in the last three years.

Section 2: Notwithstanding any general or special law to the contrary there shall be a deduction associated with first time homebuyers valued at the cost of any additional closing costs accrued through the homebuying process.