California Homebuyer tax credit

$10,000 California HomeBuyer Tax Credit Starts May 1st – Act NOW!

Finally, some good news from California State government!!!  A new California law was JUST PASSED that now provides first time homeowners and long time residents of California an ADDITIONAL TAX CREDIT of $10,000 starting May 1^st – 5% of the home’s purchase value up to $10,000!  This is a first-come first-serve pool of money that when it is gone, there will be no more credits available to home purchasers.  The incredible benefit to California home buyers is this credit is ON TOP of the Federal credit provided to first time home buyers of $8,000.  It also, applies to the long-time residents purchasing their next home, too.  The home must close escrow between May 1st and December 31st, 2010.  This means that those who OPEN ESCROWS before May 1st have the opportunity to not only receive the Federal tax credit of up to $8,000, but also an additional $10,000 if they close that escrow on or after May 1st!  This is a credit to NOT pass up!  This means if you are going to purchase a home in 2010 but are not quite ready this month,  consider getting a home into escrow in April and close it on May 1st or after, so you can take advantage of this gift to California residents.  I have found a link for you on the California Association of Realtor’s website for a side by side comparison of both the Federal and State tax law requirements that explains how the both work. Read more