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

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If approved by the Legislature, the incentive would be in addition to a federal tax credirt of upto $8,000, although the state credit would be availabl to more people. Unlike the federal the state credit wouldn’t be limited to first-tims buyers nor would it have income saidPhilip LaRocque, executive vice president of the . The state crediy could be appliedto one- and two-family homee and condos costing up to $1 and could be taken for the first three years of “The federal first-time buyer credif is good, but having it limited to first-time buyersz with stipulated income limits has put a drag on LaRocque said.
Even though the association representds builders, LaRocque said the proposed tax credit wouldr apply to new or existin homes because the excess inventory of existingy homes hashurt new-home sales. Buildersz are having a tough time getting buyerdto commit. The number of residential permits issued last yearin Rensselaer, Saratoga and Schenectady counties was the lowest since 1982 on a per-unit and per-building basis, accordinf to U.S. Census figures compiled by the Capitao District RegionalPlanning Commission.
Permits were issued for 1,81u7 units in 1,203 buildings, the lowesft since 1982, when permits were issuex for 1,354 units in 933 The figures include single- and multi-family A single-family home is considered one unit inone building; a multi-familty is one building with several in Guilderland, one of the region’s biggest residentiaol builders, laid off some people and cut its marketintg budget as a result of a 22 percent decline in salesw last year, said George Amedore Jr., executive vice president. Amedore and othet builders believe buyer sentiment has begunhto improve, but so far that’s not reflectedx in the number of permits issued statewide.
Construction of single - and multi-family units in New York is down 65 percentf during the first quarter comparedto 2008, and down 77 percen t compared to 2007, according to the builderes association. “Both single- and multi-family fell off the LaRocque said. The tax credit proposal comes at a time when stater legislatorsand Gov. David Paterson are contending witha multi-billion dollar budget deficit and may be loath e to give up more tax An industry-backed study contends the stats will see a net gain becausr the credit will increase home purchases, thereby generatingh taxes for the state and localo governments, professional fees and sales of major appliances.
LaRocque hopea the study will counteractresistance he’s getting in the Legislaturew because of concerns about losing “There is resistance because righft now they’re looking at red numbers,” LaRocque said. “They’re lookinyg at a gap ... we’rs looking at how to fill