NC Home Buyer Tax Credit *UPDATE*

In April I wrote about a bill introduced in the North Carolina General Assembly HB/485 that I dubbed Cash For Contractors. The sole purpose of the bill was to reward home buyers of a newly constructed home in North Carolina with a $10,000 state tax credit.

READ MORE ABOUT HB/485 BILL HERE

It appears that there is mature and wise leadership in the North Carolina General Assembly….at least today.

HB 485/SB 476 (New Home Purchase Stimulus)—creates a $10,000 state tax credit for new home purchase effective prospectively.

No longer under consideration.

Comments

  1. markford says:

    Ricardo, what is your source that this is no longer happening? I was looking forward to the potential $10000 on my new home.

    1. Thanks for your comment. Sorry to be the bearer of bad news but I have it on good authority.

      First it wasn’t in the budget that was approved by vetor override last week and Second it came form the North Carolina Home Builders Associations Legislative update.

      I’m sure you will do far better than the $10,000 tax credit over 5 years because builders are so desperate to build homes. I have seen some pretty crazy prices on spec homes lately. If you want to get timely updates – make sure to subscribe to my blog because as you can see I keep a close eye on topics that impact Raleigh Real Estate.

  2. It is about time they exercised some common sense. Who would this bill have benefited? The contractors and new home builders. Last time I checked, resales were taking a beating. It would have been disastrous had this bill grown legs.