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The New Jersey State Assembly approved a measure on May 24,2010 that seeks to rejuvinate the states housing market by giving out 100 million in Tax Credits to homebuyers.

The billestablishes the New Jersey Homebuyer Tax Credit Program, which will give new homeowners credits worth either 15,000 or 5% of the home purchase price, whichever is less. It will be distributed over a 3 year period on a first come first serve basis.

The money will be divided up between New Construction getting 75 million and 25 million for existing homes.

The credit will start in 2011.

The bill still needs final approval and the Governor's signature.

As more details become available I will keep you informed!