Federal home buyer tax credits may have expired but in New Jersey a new tax credit issued by the state will be available soon. That is if the Governor actually signs the new legislation. The NJ State Assembly and the State Senate easily passed the tax credit that would provide buyers up to $15,000 spread over three years. Total amount set aside for the tax credit is $100 million with 75% of the money earmarked for new construction to help stimulate the ailing construction sector of the economy. Claiming the credit would be on a first come first serve basis.  The credit would expire once the $100 million is exhausted.  The tax credit has been sitting on Governor Christie’s desk since June 11th awaiting his signature but it is unclear if the Governor will approve it given his concerns with the state’s budget crisis.

Home buyers that qualified for Federal Stimulus Home Buyer Tax Credits but have not yet reached settlement now have a little more time.  The deadline for closing on such purchases has been extended until September 30, 2010.  The previous deadline was June 30th. As many as 180,000  home buyers were in jeopardy of losing their tax credits had Congress not extended the deadline.