New York Offering First-Time Homebuyer Tax credit

New York will offer a federal income tax credit to first-time home buyers. First-time buyers will be eligible to claim a credit equal to 20 percent of their annual mortgage interest costs through the New York State Mortgage Credit Certificate.

The tax credit starting in September is meant to encourage home sales. The goal of the credit is to extend and improve the federal government's $8,000 first-time homebuyer credit which expires on November 30th.