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Home Buyers Tax Credits

Gov.Schwarznegger just yesterday signed Assembly Bill 183 which will provide 200 million for home buyer tax credits of which $100 million will be allocated for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied homes.

The eligible taxpayer who purchases a qualified personal residence on and after May 1, 2010, and on or before Dec.31, 2010, or who purchases a qualified principal residence on and after Dec 31, 2010, and before Aug.1, 2011, pursuant to an enforceable contract executed on or before Dec. 31, 2010 will be able to take the allowed tax credit. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Under this bill, the purchasers will be required to live in the home for at least two years or repay the credit to the state.
 
Nearly 40 percent of first-time home buyers who have purchased a home said they would not have done so if the federal tax credit for first time home buyers had not been in place.

In turn the incentive for first time home buyers to purchase homes which have been abandoned, and foreclosed upon and returned to the lender, or have been sitting on the market for months will generate an increase in jobs connected to home improvement activity in the market place.

Content courtesy of C.A.R.

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PAM PARTON: 760-580-1615                JOANNA WOOLLEY: 760-580-1630