Extra $10,000 Tax Credit for Home Buyers says Schwartzenegger
A new home ownership stimulus package is being considered by the California Legislature to offer new home buyers a $10,000 tax credit which would be in addition to the existing $8000 federal tax credit. On Wednesday, "governator" Arnold Schwartzenegger spoke of a new proposal that could benefit more than 20,000 "Kal-i-fornians" by allocating $200 million to buyers of new OR existing homes. If approved, home buyers would receive a $3,333 tax credit for three years from the State of California.
It remains to be seen if this is really something the state can support, given their ongoing budget shortfall, or Arnold just stumping for votes in the upcoming election. Hopefully, the state will decide to approve the incentive which would further stimulate the local economy.
For further reading, see this article in The Sacramento Bee: http://www.sacbee.com/business/story/2443658.html
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