NJ home buyers credit

USER876

Does anyone know the requirements for qualification?  Dates? Income limit? etc?

I just saw they passed a 15K tax credit for 2010 purchases.

wagnerdi

The bill, A-1678, would give individual home buyers, on a first-come first-serve basis, tax breaks up to $15,000, or 5% of the selling price of the house, whichever is less. The credit would be distributed over a three-year period, starting in 2011. There are no income limits for eligibility.

The total credits available would be capped at $100 million, with $75 million allocated for purchases of newly constructed homes not previously occupied and $25 million allocated for purchases of previously occupied homes.

The determinations of credit eligibility would be provided to interested homebuyers in advance of their purchase through an automated, convenient and prompt process to be administered by the Division of Taxation. These determinations will be provided on a first-come, first-serve basis and the claiming of the credit for personal income tax filing purposes will be divided into three equal credits claimed over three taxable years. The home would have to continue to be occupied as the taxpayer’s principle residence for three years.

that's all I've seen...

mbcdefg

Do either of you have a link to this information? I want to send it to MH. Thanks!

wagnerdi

http://www.builderonline.com/legislation/new-jersey-assembly-approves-2010-tax-credit-for-home-buyers.aspx

http://njtoday.net/2010/05/14/bill-to-provide-tax-credit-for-home-purchases-advances/

mbcdefg

Thanks!

USER876

I read no income limit, but they say 2010 sales.......I wonder if they will start in a certain month.  hmmm.

DandT1206

grrr..... i just got sad all over again when I saw the title of this thread.
We were disqualified from the first time home buyer's credit because we bought the house from a relative (my husband's parents).  We went through the normal procedures everyone goes through... got a mortgage, lawyer, etc.  Still didn't count.
So just an FYI if you're considering buying from a relative.

slwbride

Here's a link to the draft of the actual bill. Still needs to be approved by the senate and gov.

http://www.njleg.state.nj.us/2010/Bills/A2000/1678_R1.PDF