MA H3192

Creates a First-Time Homebuyer Savings Account program allowing Massachusetts residents to save for down payments and closing costs on single-family residences, effective January 1, 2024

Provides a state income tax deduction of up to $5,000 annually for individual filers or $10,000 for joint filers on contributions to the account, plus excludes all account earnings from taxable income

Limits tax benefits to a maximum 15-year period and $50,000 aggregate total of principal and earnings

Defines "first-time homebuyer" as someone who has not owned or purchased a single-family residence (including condos, mobile homes, or cooperatives) in the prior 3 years

Imposes a penalty equal to the avoided tax on withdrawals used for non-eligible purposes, with exceptions for death, disability, or bankruptcy