So what's the deal with the New Jersey homebuyer tax credit? This program would give homebuyers in the state a tax credit worth up to $15,000 spread over three years. The bill (A1678) passed the legislature with overwhelming bi-partisan support and landed on the governor's desk on June 10. Yet, Chris Christie has yet to sign it.
On New Jersey 101.5's "Ask the Governor" program this week, Christie said he likes the idea, but will only sign it if he can figure out where the money is coming from. Proponents of the bill say it will spur construction and create jobs, which will increase revenues in both the realty transfer fund and income taxes, which will offset the cost of the program. A look at the numbers behind the program casts serious doubt that this will be the case.