The Sacramento Bee's Jim Wasserman reported today that the California State Senate has voted 35-1 to extend a $10,000 tax credit that helped helped the troubled California new home building industry earlier this year. Eligible buyers would get a maximum of $3,333 in credits for each of the next three years. It still must pass the Assembly and then be signed by Gov. Arnold Schwarzenegger to become law.
More than 10,600 new home buyers took advantage of this tax credit earlier in the year befosre the Franchise Tax Board stopped taking application in July. Since then the Franchise Tax Board has calculated that the average tax credit will be approximately $7,000, thus freeing up another potential $30 Million in credits. This should allow the state to give tax credits to approximately 4,300 more buyers of new unoccupied homes, many of which are in inland areas of California including the Central Valley. The Franchise Tax Board said Sacramento, Roseville and Fresno were among top cities where residents received tax credits.
If you are interested in a new home in the Elk Grove area, make sure to stop by the sales office on Ocean Lane in Monterey Village. Monterey Village is a master planned gated community in the Elk Grove area and is located on the corner of Whitelock Parkway and Franklin Boulevard. Home prices range from $185,000 up to $305,000. The sales office is open Thursday - Sunday, from 11:00 - 4:00.
For more information on new home sales in the Elk Grove area, call Lori Mode at (916) 230-0371.
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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
www.AllElkGroveHomes.com
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Hi Lori,
Thanks for the heads up, I didn't hear about this until now. Do you know if there is a limit on these like last time? It's my understanding that the maximum credits for 2009 were already used for the year.