Story and picture by Hal Goodtree.
Cary, NC – The New Home Purchase Stimulus Act (H-485) was introduced to the NC General Assembly on March 30. It would grant a $10,000 tax rebate to purchasers of new home construction (homes construction that is permitted after July 1, 2011).
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The House bill would grant a $10,000 credit against the purchase of a newly built home, payable up to $2,000 per year for five years. A similar measure is working its way through the NC Senate (S-476).
The House bill would be in effect from July 1 2011 to July 1, 2012. If enacted, it could cost NC tax payers up to $100 million dollars over five years.
Supporters and Foes
Many of our friends and readers in the real estate community are enthusiastic about this bill. Their consensus is that the legislation provides a much needed “shot in the arm” for anemic new home construction.
But lots of homeowners are equally opposed to the bill, saying it makes it more difficult to sell existing houses.
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