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Governor Proposes $10K Home Buyer Tax Credit

During his final “State of the State” speech on Wednesday Jan. 6, 2010, Governor Schwarzenegger proposed a state income tax credit of $10,000 for first-time home buyers. The proposal would expand the tax credit for those purchasing newly constructed homes to include the purchase of existing homes by first-time home buyers.

 Governor proposes $10K home buyer tax credit 
 
To continue encouraging home ownership among Californians, the Governor will propose to extend and expand the $10,000 home buyer tax credit to include the purchase of existing homes in addition to new residences for first-time home buyers.  The buyer must not be a dependant and must be purchasing a home that does not belong to a relative. Under the Governor’s proposal, the Franchise Tax Board will extend the credit to buyers who purchase homes until $200 million dollars in tax credits have been granted.
 
Highlights of Governor’s Address on Jobs and Economic Growth: 
  1. Create 100,000 New Jobs And Train An Additional 140,000 Californians With A New Job Creation Initiative
  2. Streamline Regulations To Get Shovels In The Ground – Creating Jobs And Spurring Economic Activity
  3. Extend The Home Buyer Tax Credit To Encourage Home ownership
  4. Eliminate Sales Taxes On Green Tech Manufacturing Equipment To Increase Investment In California’s Fastest Growing Economy
  5. Eliminate Frivolous Lawsuits That Punish California’s Small Businesses

 

Governor’s official press release can be read in detail here – http://gov.ca.gov/press-release/14124/

 

 

 

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