Noonan: "excellent incentive"

KINGSTON – The Ulster County Legislature will support a resolution before the State Legislature that would create a $7,000 tax credit for first time homebuyers.

The federal government already offers an $8,000 tax credit for first timers.

County Legislature Republican Minority Leader Glenn Noonan said the proposal could jumpstart the economy.

“It’s an excellent incentive to stimulate the real estate market in Ulster County by having a $15,000 tax credit for, say a young person who wants to buy a house. That’s a really big incentive and maybe what it will do is stimulate the real estate market, sell some of the inventory out there and maybe developers and builders will start building again which will create jobs,” he said.

The incentive would be for homes of under $1 million.

The county legislature will vote on the memorializing resolution next week.