Establishes a USDA construction tax credit for a percentage of the profit on newly constructed homes sold with a USDA mortgage.

The bill establishes a USDA construction tax credit for a percentage of the profit on any newly constructed home sold to someone qualifying with a USDA mortgage. The credit is up to fifteen percent of the difference between the total cost to build and the final sale price of the property. A USDA mortgage is defined as any mortgage loan subject to the provisions of Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560. The commissioner of taxation and finance will be responsible for promulgating rules to implement this act.

Establishes a USDA construction tax credit for a percentage of the profit on newly constructed homes sold with a USDA mortgage.

The bill establishes a USDA construction tax credit for a percentage of the profit on any newly constructed home sold to someone qualifying with a USDA mortgage. The credit is up to fifteen percent of the difference between the total cost to build and the final sale price of the property. A USDA mortgage is defined as any mortgage loan subject to the provisions of Title 7 CFR Part 3550, Title 7 CFR Part 3555, or Title 7 CFR Part 3560. The commissioner of taxation and finance will be responsible for promulgating rules to implement this act.