An Act protecting the interests of housing cooperative shareholders

This bill allows resident shareholders of housing cooperatives in Massachusetts to claim a state income tax deduction for their rent, similar to how homeowners deduct mortgage interest. To qualify, the shareholder must have lived in their cooperative unit for the entire tax year and must not have already claimed a real estate tax or mortgage interest deduction on their federal return. The law specifically applies to cooperatives organized under chapters 156B or 157 of the Massachusetts General Laws. By amending existing tax code, the measure aims to provide financial relief to cooperative residents without altering the fundamental structure of these housing organizations.