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Source: DS News
Date: 4/9/2010
Authors: Brittany Dunn
 
     

News Bite

Gov. Schwarzenegger Extends $10K Homebuyer Tax Credit in California

On April 30, 2010, the federal tax credits of $8000 and $6500 first-time and repeat home buyers, respectively, will come to an end. For home buyers in California, however, a new bill signed by California Gov. Arnold Schwarzenegger on March 26, 2010 may pick up where the federal tax credits leave off. The bill, AB 183, provides for tax credits of approximately $200 Million, $100 Million for first-time buyers of existing homes and $100 Million for buyers (first-time or otherwise) of newly built, unoccupied homes. The tax credit will be equal to 5% of the purchase price of the home, up to $10,000. The new California credits will be available for homes purchased between May 1, 2010 and December 31, 2010, but recent history suggests that it may not take that long for the balance of the credits to be claimed. A similar $100 Million tax credit for California home buyers approved in February 2009 ran out in four months after nearly 11,000 California home buyers claimed the credit. The state Franchise Tax Board previously estimated that nearly 32,000 home buyers could claim these new credits.
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