O.K., so land held for business purpose (say, for residentital real estate developmont) prior to 12/31/06 and then sold to a homeowner for his residence would be subject to the NRST. And that would be true whether or not the deveoloper or the buyer is the one to build the home.
Correct?
With the developer holding that inventory receives a credit against remittng the NRST for the 23% of its input costs in building it. Thus the market is rebated for prior income/payroll taxes paid in building that home allowing after-NRST pricing to equalize with new homes built after the the implementation date.
See #426 above.