No tax credits for N.J. homebuyers; impact of end of Federal program being felt in New Jersey.

We previously told you about a plan to give N.J. home buyers a tax credit.

Well, N.J. Gov. Chris Christie has vetoed bill that would have given tax credits of up to $15,000 to homebuyers. The reason-- the state could not afford to forego $100 million in tax revenue over the program’s proposed three-year lifespan.

According to the report in the Star-Ledger,

Christie has said that while he would support some economic development programs in other times, the state does not have the luxury of paying for them now.

Responding to criticism, “Christie argued in his veto the money would have been used by people already committed to buying homes and would “’briefly and artificially inflate home values.’”

Read the full article.

Meanwhile, the New York Times reports,

“After the expiration of the federal tax-credit program for buyers on April 30, the number of contract signings in New Jersey abruptly fell to the lowest point in six years — after more than a year of continuous gains.”

Well, I guess we are not seeing the light at the end of the tunnel.

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