Gov. Schwarzenegger signed the Homebuyer Tax Credit legislation, into law.
Great news for California home buyers and home builders. A $200 million Home Buyer Tax Credit Bill was signed by Governor Schwarzenegger this afternoon. The Bill allocates $100 million to First Time Home Buyers , and $100 million for repeat buyers of new or existing homes. The programs will run between May 1, 2010 and December 31, 2010 with a final closing date of August 1, 2011 provided a binding and enforceable contract was entered into prior to December 31, 2010. The credit is equal to the lesser of 5 percent of the purchase price or $10,000, in equal installments over three consecutive years. Buyers must live in the home for at least two years or forfeit the credit and repay it to the State. This Tax Credit will overlap with the Federal $8000 & $6500 Tax Credits, which expire on April 30, 2010. Start your Desert Cities MLS search here. Brought to you by Abraham Baghbodorian