Trying to boost sales in the local market
The state of New Jersey may try to duplicate the success of the federal tax credit for first time home buyers. Lawmakers in Trenton are considering their own version.
The measure would provide a state income tax credit of up to $15,000 or five percent of the sales price of homes purchased in New Jersey this year.
New Jersey Builders Association president Tom Critelli says that credit would help stimulate home sales and the state’s economy.
“The stimulative effect of this legislation will generate revenues in excess of what it will cost in terms of personal income credits. When enacted this bill will cost the state and its taxpayers nothing. However, the stimulative effect is immediate.”
The appropriations committees in both the State Senate and Assembly have approved the measure. It now will go to the full legislature for consideration.