Tax Credits continue to be HOT!
Wednesday, April 22nd, 2009
***Update – 2010 California New Home Tax Credit Takes Effect 5/1/10 – Details Here***
The $10,000 California Tax Credit for the purchase of a new home continues to be a major factor in the reviving new home industry. As of April 22nd, nearly $41 million of the $100 million allocation has been spoken for. That’s over $5 million per week! At this accelerating rate, the Franchise Tax Board will stop accepting tax credit applications in early July!
The $8,000 Federal Tax Credit for first time home buyers is also proving to be a big hit with home buyers. Over 600,000 home purchasers have applied for this American Recovery and Reinvestment Act benefit. And, in some situations, California new home purchasers have been able to combine both programs and apply for $18,000 of total tax credits!
