Friday, March 26, 2010

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit Legislation

The state of California has re-established and extended a $10,000 homebuyer tax credit.

The new law, AB 183, signed today by Gov. Arnold Schwarzenegger, allocates $200 million to the credit for homes purchased between May 1 and Dec. 31, and between Dec. 31 and August 1, 2011.

AB 183 was passed by the legislature on March 22 and gives the Franchise Tax Board authority to extend a total of $200 million in tax credits to California homebuyers; $100 million for buyers of new, unoccupied homes and another $100 million for first-time buyers of existing homes. The credit will be extended from May 1, 2010 to December 31, 2010. The tax credit will be available to buyers on a first-come, first-served basis and is applied in equal amounts over a period of three taxable years. To qualify, the buyer must not be a dependant and must purchase a home that does not belong to a relative.

Learn more here...

If you are relocating to the San Fernando Valley, I'll work hard to find you the right home. Call me anytime and let's make your next move a smart one.

Thanks for reading!

Richard Johnston, ReMax

More Links: