Establishes New Jersey Homebuyer Tax Credit Program under gross income tax for certain home purchases during qualified periods by first-time homebuyers.
Take action
Record your position on this measure.
Create an account to take a stance, submit a written position, or contact your legislator.
Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill establishes the New Jersey Homebuyer Tax Credit Program, offering a tax credit to first-time homebuyers purchasing qualified residential properties. Eligible homebuyers can receive up to $15,000, or five percent of the purchase price, whichever is lower, provided they use the home as their principal residence for at least three years. The program is capped at $100 million and will be allocated in stages over four years, with specific amounts designated for new and previously occupied properties. The program will be evaluated after two years to determine its effectiveness and potential for extension.
Bill text
Read the latest version inline or switch to a previous version.
Document of record
- Version
- Introduced
- Published
- Not published in the source record
This version is published only as a document. Open the viewer to read it here, or download the file.
Sponsors
Official sponsors from legislative records.
1 on record
Primary sponsor
Arguments
Reasons offered for and against this legislation.
Arguments in favor
No arguments in favor have been submitted.
Submit yoursArguments opposed
No arguments opposed have been submitted.
Submit yours