An Act establishing the Massachusetts downsizing tax credit

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act establishing the Massachusetts downsizing tax credit

An Act establishing the Massachusetts downsizing tax credit By Mr.

What This Bill Does

• An Act establishing the Massachusetts downsizing tax credit By Mr.
• Feeney, a petition (accompanied by bill, Senate, No.
• 2001) of Paul R.
• Feeney for legislation to establish the Massachusetts residence downsizing tax credit.

Limits and Unknowns

• This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Official Summary Text

An Act establishing the Massachusetts downsizing tax credit
By Mr. Feeney, a petition (accompanied by bill, Senate, No. 2001) of Paul R. Feeney for legislation to establish the Massachusetts residence downsizing tax credit. Revenue.
Status:
Referred to House Committee on Ways and Means

Current Bill Text

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Bill S.2001

Section 3 of chapter 62 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by adding, in Part B, in subsection (a), the following paragraph:-

(21) In the case of an individual who is an owner of a property, and moves their principal place of residence from within the commonwealth, for which the gross square footage of the new property is at least 50 per cent lesser than the gross square footage of the immediate preceding property, an amount not to exceed $10,000.

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