COTTONWOOD CA HOMES FOR SALE - Is It Time To Separate Yourself From The Home Buying Herd? - Lake California Cottonwood CA
HAVE YOU HEARD ENOUGH FROM THE HERD?
HAVE YOU STARED ACROSS THE FENCE AT ENOUGH OPPORTUNITIES?
ARE YOU READY TO SEPARATE YOURSELF FROM THE HERD?
By now you've probably heard about the Federal Tax Credit of $6,500 to $8,000, but California has reinstated the $10,000 Credit for home buyers. That represents a potential Tax Credit totaling $18,000.
LEGISLATIVE COUNSEL'S DIGEST AB 183, Caballero. Income tax credit: qualified principal residence. The Personal Income Tax Law authorizes various credits against the taxes imposed by that law, including a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between March 1, 2009, and before March 1, 2010, subject to specified restrictions. This bill would authorize a credit against those taxes in an amount equal to the lesser of 5% of the purchase price of a qualified principal residence, as defined, or $10,000, for purchases made between May 1, 2010, and on or before December 31, 2010, or on or after December 31, 2010, and before August 1, 2011, subject to specified restrictions, including the submission of a certification to the Franchise Tax Board by either the taxpayer or seller, made under the penalty of perjury, that the residence has either never been occupied or that the taxpayer is a first-time home buyer. This bill would limit the total amount of credits to $200,000,000 and would require that the aggregate limitation of $100,000,000 in credits for the purchase of qualified principal residences that have never been occupied be reduced by 70% of the credit amount allocated under each certification by the Franchise Tax Board, and would require that the aggregate limitation of $100,000,000 in credits for the purchase of a qualified principal residence by first-time home buyers be reduced by 57% of the credit amount allocated under each certification by the Franchise Tax Board. By expanding the definition of an existing crime, this bill imposes a state-mandated local program. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.
Buyers and Sellers Seeking Cottonwood CA, Lake California Real Estate Transaction Assistance Please Contact:
Phone: 530-347-6122 Email: steve@chainrealestate.net
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Information deemed reliable, but not guaranteed. Information not intended as a substitute of the advice of you tax or legal advisor.
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