Last Thursday, Governor Schwarzenegger signed a new homebuyer tax credit into law, providing $200 million for first time buyers and buyers purchasing brand new homes. As part of his California Jobs Initiative program, Schwarzenegger believes that the new tax credit will spur job creation by promoting new building and increase the confidence in the home market by increasing home sales and pumping much needed dollars into the California economy. The 2009 homebuyer tax credit was hugely successful, using up its $100 million in tax credits in just four months and dramatically increasing home sales and new building projects. With the federal homebuyer tax credit coming to an end soon, this new California tax credit can help us continue along the path to recovery and stability.
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