Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H3061

Introduced
2/27/25  

Caption

Addressing international real estate speculation

Impact

One of the significant impacts of HB 3061 is that it provides local governments the authority to collect a fee that would contribute to affordable housing trust funds, potentially enhancing the availability of affordable housing in municipalities that accept the provisions of this act. By requiring nonresident purchasers to pay a fee based on their purchase price, the bill aims to stabilize the housing market and ensure that profits from foreign investments support local housing initiatives. However, the bill's effectiveness will depend on widespread acceptance among cities and towns in Massachusetts.

Summary

House Bill 3061, presented by Representative Mike Connolly, aims to address the issue of international real estate speculation in Massachusetts. The bill proposes the imposition of a fee equal to 15 percent of the purchase price on the transfer of real property interests to nonresident purchasers. This legislation targets foreign buyers investing in local real estate markets, with the intention of mitigating the adverse effects of speculation on housing availability and affordability for residents. The bill is expected to pass through various legislative processes to assess its impact and effectiveness.

Contention

The proposal is likely to incite debate about its implications for the state's housing market. Supporters may argue that it helps combat real estate speculation which prices out residents and undermines community stability. Critics, however, may contend that imposing such a hefty fee could deter foreign investment in Massachusetts real estate, which could negatively affect the state's economy. Furthermore, concerns may arise about the burden placed on nonresident buyers, who could view the law as discriminatory and counterproductive to attracting investment necessary for economic growth.

Companion Bills

MA H5182

Replaced by Study Order

Previously Filed As

MA H3951

Addressing the contradictory terms of 225 CMR 24.03

MA H1802

Addressing squatter’s rights

MA H3986

Relative to addressing delayed patient discharges

MA H1500

Addressing affordable housing

MA S2743

Addressing staged suicides

MA H170

Addressing public health risks related to cannabis products

MA HB463

Prohibiting speculative ticketing acts or practices.

MA H1397

Addressing unfair business practices in health care

MA H3787

Addressing the shortage of school bus drivers

MA S1066

Addressing discriminatory police reporting

Similar Bills

TX SB2139

Relating to the authority of the Texas Military Department to negotiate the release of a reversionary interest and certain other interests of the state in certain property in Palo Pinto County owned by the Palo Pinto County Livestock Association.

NJ S3679

Establishes "Uniform Real Property Transfer on Death Act."

HI HB1918

Relating To Taxation.

NJ A1819

Establishes "Uniform Real Property Transfer on Death Act."

CA SB592

Property tax: change in ownership: residential rental property.

MT HB464

Revise insurance laws relating to interest of a named insured and change of interest by transfer on death

MA H4300

Establishing a real property transfer fee in the town of Chatham

IN HB1213

Insurance and transfer on death deeds.