California legislators put a hundred million dollars on the table for first time homeowners to grab. Were they surprised when takers actually accepted the offer? Apparently this is so. They are now attempting to put more money in the coffers for this give-away. The program is a tax credit that spreads across three years, in three equal payments, for buyers of new homes. The definition of new home is that it must be a single family residence, detached or attached, and never previously occupied. After purchase, the buyer must occupy the property for a minimum of two years and receives a credit of $10,000, or 5% of the price, whichever is less. The program, passed in February 2009, put up one hundred million dollars for this incentive. Amazingly, this money was offered during a time when the state of California is, by some measures, bankrupt! Now, there are two new bills pending in Sacramento that would add an additional $200-$300,000,000 to this program. In my opinion the original bill was unconscionable, considering the state of the California economy. To view the full article, please visit: http://knol.google.com/k/bob-schwartz/california-homebuyers-tax-incentive/3imm48dqye6u3/6#
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Mcanultyjane
806 days ago
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