Sacramento Real Estate Views

New California Tax Credit Bill Signed

Home Buyers Get $10000 For Purchasing in 2010

Governor Schwarzenegger just signed into law a bill, AB 183, that gives an incentive for home purchases between May 1, 2010 and December 31, 2010.  Buyers will receive a tax credit of up to $10000 distributed equaling over a three year period for purchasing a home in 2010.  The total amount the bill allows is $200 million.

$100 mil is for first time home buyers of existing homes and $100 mil is for anyone purchasing a new construction, unoccupied home or what’s commonly referred to as “standing inventory” in new construction.  These days, there isn’t a lot of standing inventory available but this may prompt home builders to put some people back to work.

The state tax credit is starts where the federal tax credit ends on either April 30th  or June 30th.  The tax credit will be granted on a first come, first served basis until all funds are exhausted or December 31st, whichever comes first.

The home buyer must not be a dependent nor can a home be purchased from a relative.

The last tax credit from the state was approved in February 2009 and ran out just four months later.  While the total amount of the credit has been expanded, demand will still be high. 10,659 buyers were able to take advantage of the last tax credit.

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This entry was posted on Friday, March 26th, 2010 at 2:24 pm and is filed under First Time Home Buyer Info. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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