People have been asking about the new incentives for home purchases in the state of California, so we wanted to explain them here. I promise to be brief…
As of Sunday, the State of California will give a $10,000 tax credit to purchasers of new homes in California. The requirements are that you live in the home for three years, that it is your principal residence, and that you purchase the home before March of 2010. This is a credit (far better than a deduction!). You can spread the credit out over three years. This credit is in addition to the $8,000 federal tax credit that Congress passed last month, for a total of $18,000 in tax credits that you can receive when you make a Good home yours.
We are currently selling the second phase of Good and will be touring the project this Friday evening between 4:30 and 6:30, if you would like to stop by. We are in West Sacramento at the corner of 4th and B streets (just come over the I Street bridge from downtown and follow the signs). If you have any more questions or would like to arrange a private tour, please call us at 916-930-9400 x0.
4 responses so far ↓
1 Dan // Mar 6, 2009 at 10:13 am
Is this new CA one for first time buyers only as well? Is it retro-active at all?
I guess your back from Africa… I’ll probably see you tonight.
2 Dan // Mar 6, 2009 at 10:17 am
Okay, nevermind. I looked it up. I don’t qualify for either credit. Oh well, living at Good is great even without tax credits!
3 brandon // Mar 6, 2009 at 10:37 am
Hey, Dan -
The state tax credit does not require you to be a first-time buyer and can be used for houses sold on or after March 1, 2009.
The federal tax credit (which I didn’t talk much about) is for first-time homebuyers. An earlier draft had it for all buyers, but by the time it passed both houses, this changed. It was retroactive to Jan 1. There was already a $7,500 tax credit for homes purchased in 2008 for first-time home buyers.
Of course, neither help you much. Sorry!
4 brandon // Mar 6, 2009 at 11:05 am
Here are some links for more info…
federal:
http://www.federalhousingtaxcredit.com/2009/faq.php
state:
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
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