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