George's Open House: New Jersey Homebuyer Tax Credit Not a Done Deal

New Jersey Homebuyer Tax Credit Not a Done Deal

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.

Comment balloon 2 commentsInactive Agent • June 14 2010 06:12PM

Comments

I hope this spreads to other states soon.

Posted by Michael Pond, The Michael Pond Team (Guaranteed Rate, Inc) over 10 years ago

Hi Bill,

I'm not a big fan of government stimulus but this would be a better place for NJ to spend money than many others ... I am following this with interest.  Thanks for the update.

Posted by Simon Westfall-Kwong, The Simon Westfall-Kwong Real Estate Group (Keller Williams Realty, North Central New Jersey) over 10 years ago

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