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HD 3292

An Act relative to a first-time homebuyer tax credit

194th Legislature (2025-2026) Introduced by Christopher Markey

Massachusetts bill establishing state tax credit to assist first-time homebuyers with purchase costs, aiming to improve housing affordability and homeownership access.

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Bill Summary · HD 3292

Legislative bill overview

HD 3292 proposes establishing a state tax credit for first-time homebuyers in Massachusetts. The credit would provide financial assistance to qualifying individuals purchasing their first residential property. The bill aims to address housing affordability and increase homeownership accessibility for residents who have not previously owned a home.

Why is this important

Housing affordability is a significant challenge in Massachusetts, particularly in the Boston metropolitan area where median home prices far exceed the state and national averages. A tax credit could directly reduce the financial burden of down payments and closing costs, making homeownership more achievable for working and middle-class families. This policy could have broader economic effects on property tax revenues, neighborhood stability, and wealth-building opportunities for first-time buyers.

Potential points of contention

  • Revenue impact and fiscal cost: The state would forgo tax revenue through credits, raising questions about whether funding should come from the general budget or be offset by other measures
  • Definition of "first-time homebuyer" and income limits: There could be debate over who qualifies—whether the credit should be broadly available or targeted to specific income brackets or geographic areas
  • Effectiveness and targeting: Critics may question whether a tax credit is the most efficient tool compared to down payment assistance programs, affordable housing development, or mortgage rate buydowns that directly reduce purchase prices

Compiled from official sources — confirm details with the bill’s official record.

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