TAX CREDITS FOR HOME BUYERS

By
Real Estate Agent with Exit Realty Group

A Tax Credit For Home Buyers

by Holly Pring on May 29, 2010

Here’s some potentially great news for home buyers: You could get a tax credit up to $15,000, or 5 percent of a home purchase (whichever is less).

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.

Fingers crossed!

Posted by

"When in need; I'll transfer your deed..."

Comments (5)

Charlie Gantz
Keller Williams Commercial, Tampa Bay - Saint Petersburg, FL
J.D., M.B.A.

Very interesting.  I hope the bill passes.  Charlie Gantz, Greenwood, IN; J.D., M.B.A.; Owner/Principal Broker, Atlas Property Group, LLC

May 30, 2010 02:55 PM
Lisa Walston
Atlas Property Group and Abbey Church Properties - Greenwood, IN

I will definitely be following this! Thanks for bringing to our attention.

May 30, 2010 03:00 PM
Holly Pring
Exit Realty Group - Bernardsville, NJ
CDPE,SFR,ABR When in Need, I'll Transfer Your Deed

My pleasure... Hopefully the bill passes and then perhaps other states follow the same path. We "all" need to work together to make everywhere affordable and a better place to live! Thank you both for your comments...

May 30, 2010 03:03 PM
Randy Schulenburg
Schulenburg Realty, Inc. - Pingree Grove, IL
Schulenburg Realty, Inc.

It would be nice to generate some more entitlements for would-be homeowners who enter the first-time homebuyer market.  We'll see what happens eventually when all the dust clears.  Hopefully it will have all been positive for our Country to pull out of this mess.

Thanks for sharing the information.

May 30, 2010 03:28 PM
Holly Pring
Exit Realty Group - Bernardsville, NJ
CDPE,SFR,ABR When in Need, I'll Transfer Your Deed

It certainly would be a good thing for everyone to pull out of this mess and begin building a better life once again.

May 30, 2010 04:05 PM