California Extends Home-Buyer Tax Credits

Posted by Orb Staff on March 29, 2010 No Comments
Categories : Residential Mortgage

With Gov. Arnold Schwarzenegger's signing of A.B.183, California's home-buyer tax credits have been extended through the end of the year.

The legislation, passed by the state legislature last week, provides a tax credit of up to $10,000 to Californians who purchase a new home. A.B.183 gives California's Franchise Tax Board the authority to extend a total of $200 million in tax credits to home buyers – $100 million for buyers of new, unoccupied homes, and another $100 million for first-time buyers of existing homes. The credits were originally set to expire at the end of April.

The home-buyer tax credit is part of Schwarzenegger's larger California Jobs Initiative.

SOURCE: Office of Gov. Arnold Schwarzenegger

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