Contact Us if you have any questions at any time, or want to see if you qualify for this incredible tax credit. AB 183 became law on March 25, 2010. It was signed by the governor as emergency legislation, thus, going into effect immediately.
Governor Schwarzenegger signed into law an extension of the home buyer tax credit (up to $10,000) for residents of California. This tax credit is available to a first-time home buyer (a person who has not owned a home in the last 3 years) who purchases a new or existing home between May 1st and December 31, 2010. It is also available to anyone else who is purchasing a home that is new and unoccupied.
Buyers will receive a tax credit up to 5% of the purchase price, up to a maximum of $10,000. The $10,000 will be dispersed in equal increments to the home buyer over three years. If qualifying for the full $10,000, you will receive $3,333 each year if your state liability is that much. Buyers should consult a tax advisor to determine if they will receive the full amount. This tax credit is not available to investors, people buying second homes, or for purchase of investment properties. A qualifying home buyer must be at least 18 years of age and unrelated to the seller.
The law provides $200 million for home buyer tax credits, allocating $100 million for qualified first-time homebuyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. To qualify for the tax credit, a homebuyer must purchase a qualified personal residence on or after May 1, 2010 and on or before Dec. 31, 2010, or purchase one on or after Dec. 31, 2010 and before Aug. 1, 2011 provided that an enforceable contract was executed on or before Dec. 31, 2010.
Talk to Christie or Nancy to see if you qualify for this incredible tax credit.