Tax Credit Continues for CA Home Buyers – MARCH 25TH

March 25th, Gov. Schwarzenegger signed into law AB 183.  This means eligible taxpayers who purchase 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 AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).

This is great news for the markets in Ca as the tax credit was largely responsible for nearly 40% of home buyers in 2009 who said they would not have otherwise purchased during that time according to recent CAR research.

If you are interested in getting in this great tax credit , please contact Linda Ginex.

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