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Criticism mounts over 5 percent tax credit for new homes
Critics question fairness and effectiveness of the 5 per cent tax credit on new homes begun before March 26. Morgan Guaranty Trust notes potential delays in recovery as buyers opt for resale markets, while Art Leitch laments excluding resale homes from benefits. The law’s capital gain rule may also bias credits toward pricier new houses.
MENTIONED IN THIS ARTICLE
John Cunniff
NEW York
Morgan Guaranty Trust
Art Leitch
National Association of Realtors
Senate