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New State Tax Credit Takes Effect Saturday

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(Sacramento, CA)
Friday, April 30, 2010
The new ten-thousand dollar credit is similar to last year’s popular program….but it’s bigger. This time there’s 200 million dollars to go around. Half for any buyer who purchases a new, never-been-lived-in home; the other half for a first-time buyer who buys any home.  

We expect that those credits will go quickly, like last year.”

That’s Denise Azimi with the Franchise Tax Board. Last year’s 100 million dollars was gone within four months. This time she says the credit may not even last that long:

We’ve gotten a lot of calls, both from taxpayers and from real estate professionals. A lot of people looking at this credit – there’s a lot of excitement about it.”

The credit is awarded over a three year period. It’s five percent of the purchase price of a home – up to ten-thousand dollars. And it’s first-come, first served. Azimi says there are a lot of technical requirements, so make sure to check with F-T-B before you buy.
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