Governor Schwartzenegger signs into law California Homebuyer Tax Credit!
Just got a letter from CAR President announcing that Gov. Schwartzenegger signed into law AB 183 which will provide up to $200 Million tax credit to home buyers of both new and existing homes that are purchased between May 1, 2010 – December 31, 2010.
Highlights:
* principal residence
* credit equal to $10,000 or 5% of purchase price, whichever is lesser amount
* credit to be taken in equal amounts over 3 years
* must live in home for at least 2 years
With the Federal First Time Home Buyer Tax Credit set to expire if the buyer is not in contract by April 30,2010, this is the perfect complementary plan to continue to encourage California Home owners to purchase throughout the remaining year so that we can continue to deplete the excess inventory of distressed properties that are out there and will continue to hit the market place in the months to come.
Fantastic Job Governator!
