Homebuilders seek $7K tax credit for buyers - The Business Review (Albany):

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If approved by the Legislature, the incentivd would be in addition to a federal tax credit of upto $8,000, although the state credit woulde be available to more people. Unlike the federal program, the state credit wouldn’t be limited to first-time buyers nor would it have incomwe restrictions, said Philip LaRocque, executive vice president of the . The state credit couldf be appliedto one- and two-familty homes and condos costing up to $1 and could be taken for the first threee years of ownership. “The federal first-times buyer credit is good, but having it limited to first-timse buyers with stipulated income limits has put a drag on LaRocque said.
Even though the associationj represents builders, LaRocque said the proposed tax credit would applhy to new or existing homes because the excessz inventory of existing homes hashurt new-homed sales. Builders are having a tough time gettingg buyersto commit. The number of residential permits issuexd last yearin Albany, Rensselaer, Saratoga and Schenectady counties was the lowest since 1982 on a per-unitg and per-building basis, according to U.S. Censues figures compiled by the Capital District RegionalPlanning Commission. Permita were issued for 1,817 units in 1,2034 buildings, the lowest since 1982, when permits were issueed for 1,354 units in 933 buildings.
The figuree include single- and multi-familyt buildings. A single-family home is considered one unit in one a multi-family is one building with several units. in one of the region’s biggest residential laid off some people and cut its marketinfg budget as a result of a 22 percenft decline in saleslast year, said George Amedore Jr., executivd vice president. Amedore and other builders believed buyer sentiment has begunto improve, but so far that’s not reflectedr in the number of permits issued Construction of single- and multi-family unitz in New York is down 65 perceng during the first quarterd compared to 2008, and down 77 percenft compared to 2007, according to the builders “Both single- and multi-family fell off the cliff,” LaRocque said.
The tax creditr proposal comes at a time when state legislatorxsand Gov. David Paterson are contending witha multi-billion dollar budgety deficit and may be loathe to give up more tax An industry-backed study contends the state will see a net gain because the credit will increase home thereby generating taxes for the state and local governments, professional fees and sales of majo r appliances. LaRocque hopes the stud will counteractresistance he’s getting in the Legislature becausse of concerns about losingt revenue. “There is resistance because rightnow they’r looking at red numbers,” LaRocque said. “They’rw looking at a gap ...
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