According to NJ.com, a $100 million homebuyer tax credit program proposed for New Jersey is far from a sure thing. Governor Christie's office has raised concerns about whether the state can afford the bill, which passed the legislature a couple weeks back. Supporters, on the other hand, claim that the bill would generate far more in tax revenue than it would cost while stimulating the states housing market.
If signed into law, the bill would provide tax credits of up to $15,000 spread out over three years for homebuyers. The majority of the programs funding (75%) is set aside for new homes, with the rest available for resold homes. Stay tuned for more details.
You can check out the NJ.com story here.