N.J. bill aims to ‘spark’ housing market
New Jersey legislation aimed at helping to jump-start the state’s housing market with the creation of a 2010 homebuyer tax credit program received final approval from lawmakers Thursday.
The measure now moves to Gov. Chris Christie for consideration.
“This bill is the spark we need to ensure New Jersey’s housing market regains its strength, helping drive our economy forward,” Paul Moriarty, D-Gloucester/Camden, one of the sponsor’s of the legislation, said. “This program can keep the positive momentum in our real estate market going strong.”
The measure (Assembly Bill 1678) would provide refundable tax credits of up to $15,000 or 5 percent, whichever is less, on purchases of new and previously owned homes made within a year of the bill’s enactment. Eligible homebuyers would be able to take the credit against the gross income tax. The total credits available under the program would be $100 million, with $75 million allocated for purchases of newly constructed houses and $25 million for previously occupied home.
The measure was approved by a vote of 38-0 in the Senate on Thursday and 67-8-2 in the Assembly on May 20. Assemblymen Lou Greenwald, D-Camden; Vincent Prieto and Ruben J. Ramos Jr. , both D-Hudson; and Albert Coutinho, D-Essex; were also sponsors of the legislation.
Athena D. Merritt covers government and transportation for the Philadelphia Business Journal. Read her blog postings here.
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