Lawmakers Tout Tax Credit Plan for N.J. Homebuyers

Sunday, May 16, 2010  |  Updated 3:15 PM EDT
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Lawmakers Tout Tax Credit Plan for N.J. Homebuyers

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Home sales were up, way up, last month.

 

Concern over New Jersey's struggling housing market has spurred state lawmakers to develop a proposed refundable tax credit program for homebuyers.

Proponents say that would give potential homeowners a strong incentive to buy now.

And those purchases would likely provide a boost to other businesses, such as furniture makers and sellers, hardware stores and insurers, as homebuyers purchase needed items and seek to protect their investments.

The program would apply to homes purchased in 2010, which would then have to be the taxpayer's principal residence for three years. Homebuyers would get tax credits of up to $15,000, or 5 percent of the home purchase price, whichever is less, that would be divided into three equal credits that could be claimed over three taxable years.

 

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