Update On CA Approved Tax Credit

Extended to Californians who are buying their first home or purchasing a newly-built home.

Available for homes purchased between May 1, 2010 and December 31, 2010, the tax credit will be equal to 5 percent of the purchase price, up to $10,000. It will be given on a first-come, first-served basis and will be applied in equal amounts over a period of three taxable years. To qualify, the buyer must not be a dependent and must purchase a home that does not belong to a relative.

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