California Homebuyer Tax Credit Goes into Effect May 1

California Homebuyer Tax Credit Goes into Effect May 1

SACRAMENTO, CA – May 3, 2010 – (RealEstateRama) — The homebuyer tax credit signed into law earlier this year by Governor Arnold Schwarzenegger will be available beginning Saturday, May 1.

Governor Schwarzenegger in March signed into law AB 183 by Assembly Member Ana Caballero, D-Salinas, and co-authored by Senator Roy Ashburn, R-Bakersfield, which establishes a tax credit of $10,000 or 5 percent of the purchase price of a newly built home and a $10,000 tax credit for first-time purchasers of existing homes. The credit will be available beginning May 1 and be good through December 31, 2010, or when funding is exhausted, whichever comes first. The $200 million allocated for the program is split evenly with $100 million going to purchasers of new homes and $100 million going to first-time buyers of existing homes.

For more information about the tax credit, visit the Franchise Tax Board website by clicking here.

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The California Building Industry Association is a statewide trade association representing thousands of homebuilders, remodelers, subcontractors, architects, engineers, designers, and other industry professionals. More information is available on the Association’s Web site, www.cbia.org.

To subscribe to CBIA press releases and receive them as they are distributed, please visit the newsroom section of our Web site and click on the RSS subscription button.

Media Contact:
Michael Castillo
Communications Manager
(916) 443-7933 ext. 346
mcastillo (at) cbia (dot) org

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