Revenue and taxation; tax credit for newly constructed residences built by a residential contractor or builder that are sold to taxpayers earning no more than 80 percent of the area median income; provide

Summary

The bill adds a tax credit that homeowners can claim for each newly built house they purchase if their income is at most 80% of the area median income. The credit cannot exceed the taxpayer’s state income tax liability and requires an application to the commissioner for approval. It is aimed at making homeownership more affordable for low‑income families.

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