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A bill sponsored by Hudson County Assemblyman Vincent Prieto and two other legislators designed to jump-start the state’s housing market was released today by the Assembly Appropriations Committee.

The legislation would create the New Jersey Homebuyer Tax Credit Program, which would allow anyone purchasing a home in calendar year 2010 to apply for an income tax credit of up to $15,000 or 5 percent of purchase price, whichever is less. The state law comes on the heels of a federal homebuyer credit, focused mostly on first-time buyers, which ended on April 30.

The credits would be capped at $100 million, with $75 million going toward purchases of newly constructed homes not previously occupied, and the rest for purchases of previously occupied homes.

“This is a creative and sensible way to revitalize our housing market and our economy,” Prieto says in a statement. “Much direct and indirect economic activity is generated through new home construction and home re-sales, so this is the smart thing to do in this tough economy.”

To receive the credit, the homebuyer would have to occupy the home as a principal residence for three years. Eligibility would be determined by the state Division of Taxation on a first-come, first-serve basis, and the claiming of the credit would be divided into three equal credits claimed over three taxable years.

The Appropriations Committee released the measure by an 11 to zero vote, with Burlington County Republican Dawn Marie Addiego abstaining. It will now go to the Assembly for a vote if and when the speaker decides to post it.