2010 California Tax Credit to be Signed on Thursday!
Wednesday, March 24th, 2010
Governor Arnold Schwarzenegger has announced he will sign AB 183 on Thursday, March 25th. The signing ceremony will take place at 2:30 pm, at the Granville Homes, “La Ventana” new home community (6128 North Sycamore Avenue) in Fresno!
At that time, the bill will become law. The effective date for implementing the new law is May 1, 2010. Between March 25th and May 1st, look for the Franchise Tax Board to put forward procedures and forms to complete the policies outlined in the bill. We will bring that information to you an it becomes available.
its too bad the credit is not cash up front, and is provided to a qualified taxpayer over 3 years. Thus, a person will receive $3,333 per year for 3 years.
Doug,
Unlike the Federal Tax Credit ,the California Tax Credit is non-refundable. This means you will receive tax credit on your tax return up to $3,333 per year, assuming you have $3,333 per year of tax due. Use it or lose it.
Steve