California Assoc. of Realtors sponsoring legislation for CA State First Time Homebuyer Tax Credit

Thanks to California Assoc. of Realtors for sponsoring legislation that, if passed and made law, would help residential real estate, our economy, job creation and first time homebuyers.

 

SB 206 (Dutton) California First Time Homebuyer Tax Credit - C.A.R. is sponsoring SB 206 which would create a first-time homebuyer's tax credit, equal to 10% of the sale price of a home, not to exceed $8,000, for homes purchased as the principal residence of the taxpayer. This credit will only be available to individual purchasers whose income does not exceed $95,000, and married couples whose combined income does not exceed $170,000. SB 206 also provides this tax credit to anyone purchasing an REO property for a principal residence and makes the bill effective for one year from the date of its enactment. Status: CA Senate Revenue and Taxation Committee.

 

Source:  California Association of Realtors, February 13, 2010.

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Harrison K. Long, Realtor & broker, Explore Gr

oup, Coldwell Banker Previews, Irvine, CA.  CA DRE #01410855.  ExploreProperties@gmail.com.  Lawyer member of the California State Bar Association - State Bar number 69137.  Helping People with their Best Decisions About Real Estate at Orange County, California.

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