A Tax Credit For Home Buyers
The Senate may vote on this pending bill (A -1678/S-692) as early as its next scheduled meeting, June 10. Buyers eligible for the credit will receive it over the course of three years, during which the home must be used as a primary residence. Buyers can purchase either a new or previously-occupied home.
The New Jersey Association of REALTORS stands in full support of this tax credit for home buyers. It’s a powerhouse group, and I’m betting this powerhouse group has the pull to make this happen. Given the economic crisis our beloved state is in, it’s more important than ever to boost the the real-estate industry (which accounts for more than 20 percent of the gross state product).
The national program offering first-time home buyers a tax credit, now expired, was a big success. According to NAR’s Profile of Home Buyers and Sellers, in New Jersey the home buyer tax credit brought in an additional 6,500 buyers into the market in 2009, compared to 2008.