Califorinians to Benefit From Home Buyer Tax Credit

Posted on March 27, 2010. Filed under: First Time Buyer help, Making Life Easier, Orange County Real Estate | Tags: , |

Home Buyer Tax Credit is Gift for Golden State

The California government has done it. And thousands stand to benefit. No, they’re not giving away money. But they’re doing something close to it. On 3/25/10 Governor Schwarzenegger signed the Home Buyer Tax Credit into law. That means, fellow Californians, if you’re a resident of the golden state, you could be eligible for hefty tax savings when you step up to buy a home.

So How Much Are We Getting? 

The legistlation, officially known as AB 183, has earmarked $200 million for home buyer tax credits. $100 million is available for qualified first-time buyers of existing homes. The other $100 million has been allocated for people purchasing new or previously unoccupied homes.

Who Can Take the Credit?

Any eligible taxpayer who buys a qualified personal residence between May and December of 2010 or a qualified principal residence between Dec. 31, 2010 and August 1, 2011. The credit is equal to the lesser of 5% of the purchase price or $10,000, and is to be taken in equal installments over three consecutive years. The law further stipulates that buyers must reside in the home for a minimum of two years. Otherwise they have give up the credit, most likely in the form of repayment to the government. Basically, if you don’t stay, neither does the money. So plan on hanging around for awhile.

Seize the Opportunity

No doubt about it. This newly-enacted home buyer tax credit is a golden opportunity for residents of the Golden State. Not only does the legistlation spell major savings, it also eliminates the need to rush headlong into a home purchase before April 30, 2010 – the day the federal tax credit expires.

If you’d like to learn more about the home buyer tax credit, I’m ready to help. Just contact me at 949.338.7408 or angie@askangie.com. Or follow me @AngieWeeks or @WeeksTeam.

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    Orange County, CA Real Estate for hip first-time buyers and investors. Plus, fun things to know and do in OC.

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