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The Governator has signed the California Home Buyer Tax Credit
It's been a whirlwind day in the state Capitol, but it ends with Gov. Arnold Schwarzenegger signing a bill to allocate $200 million for state home buyer tax credits. That's expected to affect 32,000 California home buyers in coming months - and comes just as a federal $8,000 tax credit is about to expire.
Bullet Points for the new Tax Credit:
The legislation allocates $200 million for more state tax credits - twice what was offered last year to 10,659 buyers of new, unoccupied homes. The state's newest housing stimulus will grant $100 million in tax credits to first-time buyers of existing homes and $100 million to anyone who buys a new, unoccupied home. The state Franchise Tax Board on Tuesday estimated nearly 32,000 homeowners statewide might get the tax breaks. Buyers must close escrow or reserve a credit on or after May 1 and before or on Dec. 31 to qualify. As was the case last year, buyers won't be eligible for the full $10,000 credit if they owe the state less than that amount over a three-year period. Buyers can get up to $3,333 off their tax obligation in each of the three years after buying a house. Buyers ... more

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