Introduced
by
To authorize a refundable income tax credit equal to 5 percent of the price of a new construction home purchased through Sept. 30, 2011, up to a maximum of $10,000. The taxpayer would have to live in the home for at least two years. “Refundable” means the state will send check for the amount the credit exceeds the subsidy beneficiary's tax liability, making this a cash subsidy.
Referred to the Committee on Finance
