Assemblyman Vincent Prieto (Bergen/Hudson), a prime sponsor of the New Jersey Homebuyer Tax Credit legislation (A-1678), issued the following statement today after Governor Christie vetoed the bill despite nearly unanimous support in the legislature:
“This bill had the potential to lift New Jersey out of this massive recession once and for all by stimulating job growth, home buying and consumer spending. With the stroke of his pen, the Governor has set New Jersey back even further on the path to economic recovery.
“Construction, in particular, has been the slowest industry to rebound in New Jersey, as evidenced by the Fed report released yesterday. If the Governor truly wants to turn New Jersey around then he should be willing to embrace any worthy idea regardless of where it originates from.”
Bill A1678 would establish a three-year, $100 million Homebuyer Tax Credit Program in New Jersey, enabling residents to qualify for up to $15,000 in tax credits. Seventy-five percent of the credits would be directed towards those who purchase new residential properties, thereby stimulating the state’s economy through new construction, textile purchases and ancillary activities
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