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| 2 | 2 | | SENATE DOCKET, NO. 2320 FILED ON: 1/20/2023 |
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| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 1787 |
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| 4 | 4 | | The Commonwealth of Massachusetts |
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| 5 | 5 | | _________________ |
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| 6 | 6 | | PRESENTED BY: |
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| 7 | 7 | | Julian Cyr |
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| 8 | 8 | | _________________ |
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| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
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| 10 | 10 | | Court assembled: |
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| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
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| 12 | 12 | | An Act relative to first time homebuyer and rental savings accounts. |
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| 13 | 13 | | _______________ |
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| 14 | 14 | | PETITION OF: |
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| 15 | 15 | | NAME:DISTRICT/ADDRESS :Julian CyrCape and Islands 1 of 12 |
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| 16 | 16 | | SENATE DOCKET, NO. 2320 FILED ON: 1/20/2023 |
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| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 1787 |
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| 18 | 18 | | By Mr. Cyr, a petition (accompanied by bill, Senate, No. 1787) of Julian Cyr for legislation |
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| 19 | 19 | | relative to first time homebuyer and rental savings accounts. Revenue. |
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| 20 | 20 | | The Commonwealth of Massachusetts |
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| 21 | 21 | | _______________ |
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| 22 | 22 | | In the One Hundred and Ninety-Third General Court |
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| 23 | 23 | | (2023-2024) |
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| 24 | 24 | | _______________ |
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| 25 | 25 | | An Act relative to first time homebuyer and rental savings accounts. |
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| 26 | 26 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
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| 27 | 27 | | of the same, as follows: |
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| 28 | 28 | | 1 SECTION 1. Chapter 62 of the General Laws, as appearing in the 2020 Official Edition, |
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| 29 | 29 | | 2is hereby amended by inserting after section 5D the following new section:- |
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| 30 | 30 | | 3 Section 5E. (a) For the purposes of this section, unless the context clearly requires |
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| 31 | 31 | | 4otherwise, the following words and phrases shall have the following meanings:- |
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| 32 | 32 | | 5 “Account holder” means an individual who establishes, individually or jointly with one |
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| 33 | 33 | | 6or more other individuals, a rental savings account. |
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| 34 | 34 | | 7 “Allowable costs” means fee paid for accessing a rental that will be a permanent |
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| 35 | 35 | | 8residence limited to the first and last month's rent, a security deposit equal to one month's rent |
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| 36 | 36 | | 9and money for the purchase and installation costs for a lock and key. |
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| 37 | 37 | | 10 “Eligible costs” means fees paid for accessing a rental that will be a permanent residence |
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| 38 | 38 | | 11limited to the first and last month's rent, a security deposit equal to one month's rent and money |
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| 39 | 39 | | 12for the purchase and installation costs for a lock and key. 2 of 12 |
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| 40 | 40 | | 13 “Financial institution” means any bank, trust company, savings institution, industrial loan |
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| 41 | 41 | | 14association, consumer finance company, credit union, or any benefit association, insurance |
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| 42 | 42 | | 15company, safe deposit company, money market mutual fund, or similar entity authorized to do |
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| 43 | 43 | | 16business in Massachusetts. |
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| 44 | 44 | | 17 “Qualified Beneficiary” means anyone seeking to rent a permanent residence. |
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| 45 | 45 | | 18 (b) Beginning January 1, 2023, any individual may open an account with a financial |
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| 46 | 46 | | 19institution and designate the account, in its entirety, as a rental savings account to be used to pay |
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| 47 | 47 | | 20or reimburse a qualified beneficiary’s eligible costs for the costs of renting a permanent |
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| 48 | 48 | | 21residence in Massachusetts. |
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| 49 | 49 | | 22 (c) An account holder must designate no later than April 15 of the year following the tax |
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| 50 | 50 | | 23year during which the account is established, a resident as the qualified beneficiary of the rental |
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| 51 | 51 | | 24savings account. The account holder may designate himself or herself as the qualified |
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| 52 | 52 | | 25beneficiary and may change the designated qualified beneficiary at any time, but there may not |
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| 53 | 53 | | 26be more than one qualified beneficiary at any one time. |
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| 54 | 54 | | 27 (d) An individual may jointly own a rental savings account with another person if the |
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| 55 | 55 | | 28joint account holders file a joint income tax return. |
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| 56 | 56 | | 29 (e) An individual may be the account holder of more than one rental savings account. |
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| 57 | 57 | | 30However, an account holder cannot have multiple accounts that designate the same qualified |
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| 58 | 58 | | 31beneficiary. |
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| 59 | 59 | | 32 (f) An individual may be designated as the qualified beneficiary on more than one rental |
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| 60 | 60 | | 33savings account. 3 of 12 |
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| 61 | 61 | | 34 (g) Only cash and marketable securities may be contributed to a rental savings account. |
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| 62 | 62 | | 35Subject to the limitations of this section, persons other than the account holder may contribute |
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| 63 | 63 | | 36funds to a rental savings account. There is no limitation on the amount of contributions that may |
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| 64 | 64 | | 37be made to or retained in a rental savings account. |
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| 65 | 65 | | 38 (h) The funds held in a rental savings account shall not be used to pay expenses of |
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| 66 | 66 | | 39administering the account, except that a service fee may be deducted from the account by a |
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| 67 | 67 | | 40financial institution in which the account is held; |
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| 68 | 68 | | 41 (i) The account holder shall submit the following to the department of revenue: |
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| 69 | 69 | | 42 (1) detailed information regarding the rental savings account, including a list of |
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| 70 | 70 | | 43transactions for the account during the tax year and the Form 1099 issued by the financial |
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| 71 | 71 | | 44institution for such account with the account holder’s Massachusetts income tax return on forms |
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| 72 | 72 | | 45prepared by the department of revenue; and |
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| 73 | 73 | | 46 (2) a detailed account of the eligible costs toward which the account funds were applied, |
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| 74 | 74 | | 47if there was a withdrawal from the account, and a statement of the amount of funds remaining in |
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| 75 | 75 | | 48the account, if any. |
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| 76 | 76 | | 49 (j) Under this section and section 5D of this chapter, a financial institution shall not be |
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| 77 | 77 | | 50required to: |
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| 78 | 78 | | 51 (1) Designate an account as a rental savings account, or designate the qualified |
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| 79 | 79 | | 52beneficiaries of an account, in the financial institution’s account contracts or systems or in any |
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| 80 | 80 | | 53other way; |
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| 81 | 81 | | 54 (2) Track the use of funds withdrawn from a rental savings account; 4 of 12 |
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| 82 | 82 | | 55 (3) Allocate funds in a rental savings account among joint account holders or multiple |
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| 83 | 83 | | 56qualified beneficiaries; or |
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| 84 | 84 | | 57 (4) Report any information to the Department of Revenue or any other governmental |
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| 85 | 85 | | 58agency that is not otherwise required by law. |
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| 86 | 86 | | 59 (k) A financial institution is not responsible or liable for: |
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| 87 | 87 | | 60 (1) Determining or ensuring that an account satisfies the requirements to be a rental |
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| 88 | 88 | | 61savings account; |
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| 89 | 89 | | 62 (2) Determining or ensuring that funds in a rental savings account are used for eligible |
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| 90 | 90 | | 63costs; or |
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| 91 | 91 | | 64 (3) Reporting or remitting taxes or penalties related to the use of a rental savings account. |
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| 92 | 92 | | 65 (l) Except as otherwise provided in this section and subject to the limitations under this |
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| 93 | 93 | | 66subsection, there shall be deducted from taxable income of an account holder, for Massachusetts |
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| 94 | 94 | | 67income tax purposes: |
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| 95 | 95 | | 68 (1) the amount contributed to a first-time home buyer savings account during each tax |
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| 96 | 96 | | 69year, not to exceed $15,000 for an account holder who files an individual tax return or $30,000 |
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| 97 | 97 | | 70for joint account holders who file a joint tax return. |
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| 98 | 98 | | 71 (2) the amount of earnings, including interest and other income on the principal, from the |
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| 99 | 99 | | 72rental savings account during the tax year. |
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| 100 | 100 | | 73 (m) An account holder may claim the deduction and exclusion under subsection (k): |
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| 101 | 101 | | 74 (1) For a period not to exceed 15 years; 5 of 12 |
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| 102 | 102 | | 75 (2) For an aggregate total amount of principal and earnings, not to exceed $50,000 during |
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| 103 | 103 | | 76that 15-year period; and |
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| 104 | 104 | | 77 (3) Only if the principal and earnings of the account remain in the account until a |
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| 105 | 105 | | 78withdrawal is made for eligible costs related to the securing a rental intended as a permanent |
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| 106 | 106 | | 79residence. |
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| 107 | 107 | | 80 (n) Any funds in a rental savings account not expended on eligible costs by December 31 |
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| 108 | 108 | | 81of the last year of the 15-year period under Subsection 7(2)(a) of this Chapter shall thereafter be |
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| 109 | 109 | | 82included in the account holder’s taxable income. |
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| 110 | 110 | | 83 (o) A person other than the account holder who deposits funds in a rental savings account |
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| 111 | 111 | | 84shall not be entitled to the deduction and exclusion provided for under this Chapter. |
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| 112 | 112 | | 85 (p) The deduction and exclusion from taxable income provided for by this Section shall |
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| 113 | 113 | | 86apply to any alternative bases for calculating taxable income for Massachusetts income tax |
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| 114 | 114 | | 87purposes. |
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| 115 | 115 | | 88 (q) Except as otherwise authorized in this of this section, if the account holder withdraws |
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| 116 | 116 | | 89any funds from a rental savings account for a purpose other than eligible costs for the securing a |
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| 117 | 117 | | 90rental property to be used as a permanent residence |
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| 118 | 118 | | 91 (1) Those funds shall be included in the account holder’s taxable income; and |
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| 119 | 119 | | 92 (2) The account holder shall pay a penalty to the Department of Revenue equal to the tax |
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| 120 | 120 | | 93that would have been collected had the withdrawn funds been subject to income tax. Such |
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| 121 | 121 | | 94penalty shall not apply to funds withdrawn from an account that were: |
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| 122 | 122 | | 95 (i) Withdrawn by reason of the account holder’s death or disability; 6 of 12 |
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| 123 | 123 | | 96 (ii) A disbursement of assets of the account pursuant to a filing for protection under the |
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| 124 | 124 | | 97United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or |
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| 125 | 125 | | 98 (iii) A transfer of the funds from a rental savings account to a new rental savings account |
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| 126 | 126 | | 99held by a different financial institution or the same financial institution. |
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| 127 | 127 | | 100 (r) The Department of Revenue shall prepare forms for: |
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| 128 | 128 | | 101 (1) The designation of an account with a financial institution to serve as a first-time home |
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| 129 | 129 | | 102buyer savings account; |
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| 130 | 130 | | 103 (2) The designation of a qualified beneficiary of a rental savings account; and |
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| 131 | 131 | | 104 (3) For an account holder to annually submit to the Department of Revenue detailed |
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| 132 | 132 | | 105information regarding the rental savings account, including but not limited to a list of |
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| 133 | 133 | | 106transactions for the account during the tax year, and identifying any supporting documentation |
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| 134 | 134 | | 107that is required to be maintained by the account holder. |
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| 135 | 135 | | 108 SECTION 2. Said Chapter 62 of the General Laws is hereby amended by inserting after |
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| 136 | 136 | | 109section 5E the following new section:- |
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| 137 | 137 | | 110 Section 5F. (a) For the purposes of this section, unless the context clearly requires |
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| 138 | 138 | | 111otherwise, the following words and phrases shall have the following meanings:- |
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| 139 | 139 | | 112 “Account holder” means an individual who establishes, individually or jointly with one |
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| 140 | 140 | | 113or more other individuals, a first-time homebuyer savings account. |
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| 141 | 141 | | 114 “Allowable closing costs” means a disbursement listed on a settlement statement for the |
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| 142 | 142 | | 115purchase of a single-family residence in Massachusetts by a qualified beneficiary. 7 of 12 |
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| 143 | 143 | | 116 “Eligible costs” means the down payment and allowable closing costs for the purchase of |
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| 144 | 144 | | 117a single-family residence in Massachusetts by a qualified beneficiary. |
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| 145 | 145 | | 118 “Financial institution” means any bank, trust company, savings institution, industrial loan |
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| 146 | 146 | | 119association, consumer finance company, credit union, or any benefit association, insurance |
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| 147 | 147 | | 120company, safe deposit company, money market mutual fund, or similar entity authorized to do |
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| 148 | 148 | | 121business in Massachusetts. |
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| 149 | 149 | | 122 “First-Time Homebuyer” means an individual who resides in Massachusetts and has not |
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| 150 | 150 | | 123owned or purchased, either individually or jointly, a single-family residence during a period of |
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| 151 | 151 | | 124three (3) years prior to the date of the purchase of a single-family residence. |
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| 152 | 152 | | 125 “First-Time Home Buyer Savings Account” or “account” means an account with a |
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| 153 | 153 | | 126financial institution that an account holder designates as a first-time home buyer savings account |
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| 154 | 154 | | 127on the account holder’s Massachusetts income tax return for tax year 2017 or any tax year |
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| 155 | 155 | | 128thereafter, pursuant to this Chapter for the purpose of paying or reimbursing eligible costs for the |
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| 156 | 156 | | 129purchase of a single-family residence in Massachusetts by a qualified beneficiary. |
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| 157 | 157 | | 130 “Qualified Beneficiary” means a first-time home buyer who is designated as the qualified |
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| 158 | 158 | | 131beneficiary of an account designated by the account holder as a first-time home buyer savings |
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| 159 | 159 | | 132account. |
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| 160 | 160 | | 133 “Settlement Statement” means the statement of receipts and disbursements for a |
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| 161 | 161 | | 134transaction related to real estate, including a statement prescribed under the Real Estate |
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| 162 | 162 | | 135Settlement Procedures Act of 1974, 12 U.S.C. 2601 et seq., as amended, and regulations |
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| 163 | 163 | | 136thereunder. 8 of 12 |
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| 164 | 164 | | 137 “Single-Family Residence” means a single-family residence owned and occupied by a |
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| 165 | 165 | | 138qualified beneficiary as the qualified beneficiary’s principal residence, which may include a |
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| 166 | 166 | | 139manufactured home, trailer, mobile home, condominium unit, or cooperative. |
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| 167 | 167 | | 140 (b) Beginning January 1, 2023, any individual may open an account with a financial |
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| 168 | 168 | | 141institution and designate the account, in its entirety, as a first-time home buyer savings account |
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| 169 | 169 | | 142to be used to pay or reimburse a qualified beneficiary’s eligible costs for the purchase of a |
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| 170 | 170 | | 143single-family residence in Massachusetts. |
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| 171 | 171 | | 144 (c) An account holder must designate no later than April 15 of the year following the tax |
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| 172 | 172 | | 145year during which the account is established, a first-time home buyer as the qualified beneficiary |
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| 173 | 173 | | 146of the first-time home buyer savings account. The account holder may designate himself or |
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| 174 | 174 | | 147herself as the qualified beneficiary and may change the designated qualified beneficiary at any |
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| 175 | 175 | | 148time, but there may not be more than one qualified beneficiary at any one time. |
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| 176 | 176 | | 149 (d) An individual may jointly own a first-time home buyer savings account with another |
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| 177 | 177 | | 150person if the joint account holders file a joint income tax return. |
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| 178 | 178 | | 151 (e) An individual may be the account holder of more than one first-time home buyer |
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| 179 | 179 | | 152savings account. However, an account holder cannot have multiple accounts that designate the |
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| 180 | 180 | | 153same qualified beneficiary. |
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| 181 | 181 | | 154 (f) An individual may be designated as the qualified beneficiary on more than one first- |
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| 182 | 182 | | 155time home buyer savings account. |
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| 183 | 183 | | 156 (g) Only cash and marketable securities may be contributed to a first-time home buyer |
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| 184 | 184 | | 157savings account. Subject to the limitations of this section, persons other than the account holder 9 of 12 |
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| 185 | 185 | | 158may contribute funds to a first-time home buyer savings account. There is no limitation on the |
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| 186 | 186 | | 159amount of contributions that may be made to or retained in a first-time home buyer savings |
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| 187 | 187 | | 160account. |
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| 188 | 188 | | 161 (h) The funds held in a first-time home buyer savings account shall not be used to pay |
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| 189 | 189 | | 162expenses of administering the account, except that a service fee may be deducted from the |
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| 190 | 190 | | 163account by a financial institution in which the account is held; |
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| 191 | 191 | | 164 (i) The account holder shall submit the following to the department of revenue: |
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| 192 | 192 | | 165 (1) detailed information regarding the first-time home buyer savings account, including a |
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| 193 | 193 | | 166list of transactions for the account during the tax year and the Form 1099 issued by the financial |
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| 194 | 194 | | 167institution for such account with the account holder’s Massachusetts income tax return on forms |
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| 195 | 195 | | 168prepared by the department of revenue; and |
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| 196 | 196 | | 169 (2) a detailed account of the eligible costs toward which the account funds were applied, |
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| 197 | 197 | | 170if there was a withdrawal from the account, and a statement of the amount of funds remaining in |
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| 198 | 198 | | 171the account, if any. |
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| 199 | 199 | | 172 (j) Under this section and section 5D of this chapter, a financial institution shall not be |
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| 200 | 200 | | 173required to: |
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| 201 | 201 | | 174 (1) Designate an account as a first-time home buyer savings account, or designate the |
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| 202 | 202 | | 175qualified beneficiaries of an account, in the financial institution’s account contracts or systems or |
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| 203 | 203 | | 176in any other way; |
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| 204 | 204 | | 177 (2) Track the use of funds withdrawn from a first-time home buyer savings account; 10 of 12 |
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| 205 | 205 | | 178 (3) Allocate funds in a first-time home buyer savings account among joint account |
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| 206 | 206 | | 179holders or multiple qualified beneficiaries; or |
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| 207 | 207 | | 180 (4) Report any information to the Department of Revenue or any other governmental |
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| 208 | 208 | | 181agency that is not otherwise required by law. |
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| 209 | 209 | | 182 (k)A financial institution is not responsible or liable for: |
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| 210 | 210 | | 183 (1) Determining or ensuring that an account satisfies the requirements to be a first-time |
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| 211 | 211 | | 184home buyer savings account; |
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| 212 | 212 | | 185 (2) Determining or ensuring that funds in a first-time home buyer savings account are |
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| 213 | 213 | | 186used for eligible costs; or |
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| 214 | 214 | | 187 (3) Reporting or remitting taxes or penalties related to the use of a first-time home buyer |
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| 215 | 215 | | 188savings account. |
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| 216 | 216 | | 189 (l) Except as otherwise provided in this section and subject to the limitations under this |
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| 217 | 217 | | 190subsection, there shall be deducted from taxable income of an account holder, for Massachusetts |
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| 218 | 218 | | 191income tax purposes: |
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| 219 | 219 | | 192 (1) the amount contributed to a first-time home buyer savings account during each tax |
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| 220 | 220 | | 193year, not to exceed $25,000 for an account holder who files an individual tax return or $50,000 |
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| 221 | 221 | | 194for joint account holders who file a joint tax return. |
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| 222 | 222 | | 195 (2) the amount of earnings, including interest and other income on the principal, from the |
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| 223 | 223 | | 196first-time home buyer savings account during the tax year. |
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| 224 | 224 | | 197 (m) An account holder may claim the deduction and exclusion under subsection (k): 11 of 12 |
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| 225 | 225 | | 198 (1) For a period not to exceed 15 years; |
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| 226 | 226 | | 199 (2) For an aggregate total amount of principal and earnings, not to exceed $250,000 |
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| 227 | 227 | | 200during that 15-year period; and |
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| 228 | 228 | | 201 (3) Only if the principal and earnings of the account remain in the account until a |
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| 229 | 229 | | 202withdrawal is made for eligible costs related to the purchase of a single-family residence by a |
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| 230 | 230 | | 203qualified beneficiary, except as otherwise provided in this section. |
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| 231 | 231 | | 204 (n) Any funds in a first-time home buyer savings account not expended on eligible costs |
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| 232 | 232 | | 205by December 31 of the last year of the 15-year period under Subsection 7(2)(a) of this Chapter |
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| 233 | 233 | | 206shall thereafter be included in the account holder’s taxable income. |
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| 234 | 234 | | 207 (o) A person other than the account holder who deposits funds in a first-time home buyer |
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| 235 | 235 | | 208savings account shall not be entitled to the deduction and exclusion provided for under this |
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| 236 | 236 | | 209Chapter. |
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| 237 | 237 | | 210 (p) The deduction and exclusion from taxable income provided for by this Section shall |
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| 238 | 238 | | 211apply to any alternative bases for calculating taxable income for Massachusetts income tax |
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| 239 | 239 | | 212purposes. |
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| 240 | 240 | | 213 (q) Except as otherwise authorized in this of this section, if the account holder withdraws |
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| 241 | 241 | | 214any funds from a first-time home buyer savings account for a purpose other than eligible costs |
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| 242 | 242 | | 215for the purchase of a single-family residence: |
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| 243 | 243 | | 216 (1) Those funds shall be included in the account holder’s taxable income; and 12 of 12 |
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| 244 | 244 | | 217 (2) The account holder shall pay a penalty to the Department of Revenue equal to the tax |
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| 245 | 245 | | 218that would have been collected had the withdrawn funds been subject to income tax. Such |
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| 246 | 246 | | 219penalty shall not apply to funds withdrawn from an account that were: |
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| 247 | 247 | | 220 (i) Withdrawn by reason of the account holder’s death or disability; |
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| 248 | 248 | | 221 (ii) A disbursement of assets of the account pursuant to a filing for protection under the |
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| 249 | 249 | | 222United States Bankruptcy Code, 11 U.S.C. § 101 et seq.; or |
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| 250 | 250 | | 223 (iii) A transfer of the funds from a first-time home buyer savings account to a new first- |
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| 251 | 251 | | 224time home buyer savings account held by a different financial institution or the same financial |
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| 252 | 252 | | 225institution. |
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| 253 | 253 | | 226 (r) The Department of Revenue shall prepare forms for: |
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| 254 | 254 | | 227 (1) The designation of an account with a financial institution to serve as a first-time home |
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| 255 | 255 | | 228buyer savings account; |
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| 256 | 256 | | 229 (2) The designation of a qualified beneficiary of a first-time home buyer savings account; |
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| 257 | 257 | | 230and |
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| 258 | 258 | | 231 (3) For an account holder to annually submit to the Department of Revenue detailed |
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| 259 | 259 | | 232information regarding the first-time home buyer savings account, including but not limited to a |
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| 260 | 260 | | 233list of transactions for the account during the tax year, and identifying any supporting |
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| 261 | 261 | | 234documentation that is required to be maintained by the account holder. |
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