In April, Governor Schwarzenegger signed AB 183, providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. C.A.R. supported this important legislation since its inception.
The tax credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010.
It looks as though this will be the last tax credit for home buyers for a while. This is a new beginning. Real estate is healthier and stronger than it was in 2008 and it is time for it to stand on its own. This is the time to build the home you love in a neighborhood you want. Dont wait!
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