No Bull Agent
As many of you know, the federal first-time home buyer tax credit of up to $8,000 is coming to an end on April 30, 2010. This extension is officially known as the “Worker, Homeownership and Business Assistance Act of 2009″ which went into effect November 6, 2009. This new law also contains a provision for a “long-time resident” credit of up to $6,500. To take advantage of either tax credit you must enter into a binding contract by April 30 and close on the purchase by June 30. Please view the following videos from the IRS in English and Spanish for more information. Additional restrictions apply, so please contact a tax professional to confirm eligibility.
On Thursday, March 25, Governor Schwarzenegger signed legislation AB 183 which extends and expands on the state tax credit approved in February 2009. It provides a tax credit of up to $10,000 to Californians buying their first home or purchasing new construction. This bill is part of the governor’s “California Jobs Initiative.” It is designed to extend $200 million in tax credit to California home buyers. $100 million to buyers of brand new homes and $100 million to first-time home buyers of existing homes. Read the rest of this entry »