First Time Home Buyers Tax Credit Extended!
| 01 April 2010
As of 03-25-10, Governor Schwarzenegger signed Assembly Bill 183, the Homebuyer Tax Credit legislation, into law.
What does this mean for you?
Assembly Bill (AB) 183 will provide $200 million for home buyer tax credits. $100 million will go for qualified first-time home buyers of existing homes and $100 million will go for purchasers of new, or previously unoccupied, homes.
Eligible taxpayers who purchase a qualified personal residence on and after May 1, 2010, and on or before December 31, 2010, or who purchase a qualified principal residence on and after December 31, 2010, and before August 1, 2011, pursuant to an enforceable contract executed on or before December 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,
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