Establishes a tax credit for up to 15% of the profit on newly constructed homes sold to USDA mortgage borrowers.

The bill establishes a tax credit for up to 15% of the profit on any newly constructed home sold to someone who finances the purchase with a USDA mortgage. 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 tax credit applies to the difference between the total cost to build and the final sale price of the property. The commissioner of taxation and finance will implement this act through necessary rules and regulations.

Establishes a tax credit for up to 15% of the profit on newly constructed homes sold to USDA mortgage borrowers.

The bill establishes a tax credit for up to 15% of the profit on any newly constructed home sold to someone who finances the purchase with a USDA mortgage. 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 tax credit applies to the difference between the total cost to build and the final sale price of the property. The commissioner of taxation and finance will implement this act through necessary rules and regulations.