An Act protecting the interests of housing cooperative shareholders – S.1520

Massachusetts currently offers renters a state income tax deduction for rental expense, with a maximum deduction of $2,000. DOR categorizes members of housing cooperatives as homeowners. However, many low and moderate income co-op members do not take the federal home owner deduction because the standard deduction is more advantageous. This bill would expand the Massachusetts rental deduction to members of housing cooperatives.