An Act relative to affordable housing and environmental adaptation dollars
By Mr. Eldridge, a petition (accompanied by bill, Senate, No. 1973) of James B. Eldridge, James K. Hawkins and Jason M. Lewis for legislation relative to the imposition of an excise tax to provide for climate change adaptation infrastructure and affordable housing investments in the Commonwealth. Revenue.
This bill secures new revenue for investment in climate and housing by doubling the current Deeds Excise Fee that is collected when real estate is sold. It would also offer offsetting tax credits for low-income sellers and for those selling their homes to first-time homebuyers. The rate change would annually generate well over $300 million in new revenue annually, with the proceeds split evenly between state trust funds for affordable housing and for climate mitigation and adaptation. The current excise rate is among the lowest in the region, and it would continue to be so after this change.
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.