An Act encouraging home ownership by establishing a first time home buyers savings account

HD 2739 creates a Massachusetts tax-advantaged savings account to help first-time homebuyers. It allows individuals to open a designated savings account (with a financial institution) to save for down payments and closing costs on a single-family home, with tax deductions for contributions (up to $10,000 annually for individuals or $20,000 for joint filers). The account must be used within 15 years for eligible home purchases by a qualified beneficiary (a Massachusetts resident who hasn’t owned a home in 3 years), with a lifetime cap of $100,000 in contributions and earnings. Unused funds after the 15-year period become taxable income. The bill applies specifically to Massachusetts income tax returns and does not provide direct grants or loans.