New Home Buyer Tax Credit Coming To California?

By
Real Estate Agent with Troop Real Estate Ventura

There likely will soon be a tax credit of 5% of the purchase price not to exceed $10,000  for home buyers in the state of California. To qualify you must be a first time home buyer of a new  OR existing home and the sale must occur between May 1, 2010 and December 31, 2010.  

The bill received wide support on all sides and is expected to be signed by Governor Schwarzenegger.

Comments (2)

Anonymous
Henry

What does it mean "the sale must occur between May 1, 2010 and December 31, 2010"?

Is it the date of close or the date the purchase agreement is signed?

Thanks in advance!

--Henry

Mar 23, 2010 07:16 PM
#1
Lynn Kenton
Troop Real Estate Ventura - Ventura, CA
Ventura Real Estate

Hi Henry!

It didn.t specifically address that in the article which was short. My guess is that it would have to be under contract by 12/31 with a required close date about 60 days out. I'll keep my eyes open... 

Mar 24, 2010 03:59 AM