New California Homebuyer Tax Credit

The following is an article that came to me via First American Title.  Always want to give credit where credit is due.  The one question everyone has is ” does this apply only to those people who go into contract after the Federal Tax Credit goes away on April 30, 2010?  In other words, non “double dipping”.  I need to call the CAR attorneys on this one as a lot of people are confused.  Anyway you look at it, it  is a good thing but the time constraint here is “when the money runs out”, not the dates.  Very important to remember, ie act quickly. 

Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians. The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m. The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period. According to the governor’s office, the initial $100m tax credit approved in February 2009 lasted just four months