New Homebuyers Energy Savings Tax Credit Bill Passes House Tax and Revenue 13-0, On to House Floor
Short-term Tax Credit Encourages Consumers to Buy New Energy Efficient Homes or Upgrade Foreclosed Homes, Creating New Construction Jobs, Improving the Existing Unsold Home Market and Generating Net State Revenues
(SANTA FE, NM) CS HB 177 the New Homebuyers Energy Savings Tax Credit plan that will create new construction jobs and generate important revenue passed its second committee last night and will be sent to the House Floor. The plan, analyzed by the non-partisan research organization Architecture 2030, builds on the success of the federal First Time Homebuyers Tax Credit, as a means of increasing new homes sales and renovations in a distressed housing market. The plan marries a refundable state tax credit with energy reduction targets in order to dramatically increase private spending, stimulate new building construction, expand the local tax base and generate much needed jobs and tax revenue.
“The Energy Efficient Home Income Tax Credit will create well-paying construction jobs, help New Mexico’s working families save money on their utility bills, and make homes more affordable,” said Representative Brian Egolf. “The proposal will also bring major benefits to small businesses statewide and help move foreclosed properties off the auction block and into a family’s future. I look forward to bringing this bill to the House Floor.”
Read the full Press Release: New Homebuyers Energy Savings Tax Credit Bill
