Governor Arnold Schwarzenegger signed the new California Tax Credit into law! this means now is the time to buy a Sacramento home!
This is really exciting news! If you are looking to purchase your first home or buy a new home in Sacramento or Elk Grove you now qualify for the lesser of 5% of the purchase price or $10,000 California tax credit.
AB 183 ( the tax credit bill) will provide $200 million for home buyer tax credits! They're allocating $100 million for qualified first-time home buyers of existing homes and another $100 million for purchasers of new or previously unoccupied homes.!
Homes need to be purchased between May 1, 2010, and on or before Dec. 31, 2010 and the property must be your primary residence!
Keep in mind you the Federal tax credit for up to $8,000 requires buyers to be in escrow by April 30th, 2010 and close no later than June 30th, 2010!
THIS MEANS YOU HAVE APPROXIMATELY 30 DAYS TO GET INTO A HOME!
So first time home buyers could get up to...
$8,000 Federal Tax Credit + $10,000 = $18,000
If you are NOT a first time home buyer and you are purchasing a new home (or never been occupied) you could get up to.....
$6500 Federal Tax Credit + $10,000 = $16,500
Home buyers must live in the home for at least 2 years or they forfeit the credit and have to repay any credit that they have received. Also note the California tax credit is paid out in equal installments for 3 years.
Check out this video...
If this doesn't get you to buy a home right now in Sacramento I am not sure what will!
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