Assemblyman Vincent Prieto (Bergen/Hudson), a prime sponsor of the New Jersey Homebuyer Tax Credit legislation (A-1678), issued the following statement today after Assembly Republicans reversed course and failed to help override Governor Christie’s veto of the critical economic stimulus measure:
“It’s unfortunate that Republicans have lost their backbone and sided with the Governor in denying New Jersey a viable solution to one of the biggest issues suppressing our economic recovery right now. With our construction industry lagging at nearly three times the rate of the national average, it defies common sense to ignore this bill.
“This program is innovative in the sense that it would direct a substantial portion of the credits allotted specifically towards supporting new home construction and essentially pay for itself by generating increased revenue. Ultimately, this bill would put laborers back to work, stimulate the textile industry and help struggling families afford the American Dream.
“By rescinding their previous support, Republicans have demonstrated a lack of individual fortitude in siding with the Governor’s politics over the People’s priorities.”
Bill A1678, which passed the Legislature with near unanimous support in late June, 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.