HOUSE DOCKET, NO. 3296        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 capital gains tax credit for first time homebuyers.

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PETITION OF:

HOUSE DOCKET, NO. 3296        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 capital gains tax credit for first time homebuyers.

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:

“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 refundable credit associated with first time homebuyers transferring capital investments into the down payment on a primary residency. The amount of the credit shall be valued at the cost of any capital gains tax owed or the value of the homebuyer’s down payment, whichever is lower.

Section 3. The liquidation of capital funds must occur within the 60 days prior to the transfer of the property.