NJ Cash for Condos

chanel

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Jun 8, 2009
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People's Republic of NJ
The state Senate has passed a measure designed to jump-start the local housing market - by creating a tax credit for home purchases.

State Senator Steve Oroho, one of the sponsors of the bill, says "we're talking about a 15 thousand dollar credit on an individuals tax return- they'll get 5 thousand in the first year, 5 thousand in the second year, and 5 thousand the third year.

He says the measure allocates a maximum of 100 million dollars for the program, "and since the individual takes it over 3 years on their tax return, it's essentially 33 million next year, 33 million the year after, and another 33 million in the third year.

Refundable tax credits will be allowed for up to $15,000 or 5% of the home purchase price, which ever is less, for homebuyers of new and previously owned homes, with $75 million allocated for purchases of newly constructed homes not previously occupied and $25 million allocated for purchases of previously occupied homes.

The legislation - which was passed by the Assembly last month - now goes to Governor Christie's desk for his signature.

Jersey Lawmakers Have Just Given You A Big Reason To Buy A House - New Jersey 101.5 FM

Good idea?
 

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