California's Homebuyer Tax Credit of up to $10000!
Posted 04/01/2010 - 12:23 by Emily Schuyler
It's official! Late last week Gov. Schwarzenegger signed a bill into law allocating $200 million for first-time homebuyer tax credits. This will provide a tax credit to qualified first-time homebuyers who purchase either new, unoccupied homes or exisiting, resale homes from May 1, 2010 through December 31, 2010. This is great timing since the Federal Tax Credit is set to expire on April 30, which is 29 short days away! Under the new California tax credit, homebuyers can claim 5% of the purchase price, up to $10000 whichever is lower, against their California state taxes. It will be available to homebuyers on a first-come, first-served basis and will be given in 3 equal amounts over 3 taxable years.
Additional information about this tax credit will be published on the State of California Franchise Tax Board's website.
If you or someone you know are looking to purchase a new or existing home in Roseville, Rocklin, Lincoln, Auburn or in the other beautiful cities in the Greater Sacramento region, I can help! Please contact me today!
*Please consult a tax professional for advice on your individual tax credit qualifications.
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Emily Schuyler
DRE# 01768964
Smart Click Realty
Phone 916.677.9602
