NC H485

Provides a $10,000 tax credit for individuals who purchase or contract to build a new home residence, claimed in five equal $2,000 annual installments beginning in the year of purchase.

Defines "new home residence" as a single-family dwelling or multifamily unit that is newly constructed by a licensed general contractor, purchased from a licensed contractor or business entity, and has never been occupied.

Requires applicants to file with the Secretary within one week of closing (for completed homes) or contract execution (for homes to be built), with credits allocated on a first-come, first-served basis.

Caps total credits at $100 million aggregate and $20 million annually, with credits forfeited if the home is sold or not occupied as primary residence within 24 months (exceptions granted for death, divorce transfer, or condemned property).

Applies only to building permits issued or contracts executed on or after July 1, 2011, and expires for tax years beginning on or after July 1, 2012.