STIMULUS ANYONE?
Get your share…. California is now offering a $10,000 tax credit, in addition to the $8,000 federal tax credit, for home buyers purchasing a newly-built home that’s never been lived in. The credit is aimed at benefiting home buyers as well as home builders, and hopefully stimulating California’s struggling economy.
Read the small print: There are some other limitations: The credit is available for just one year. Also, the state allocated $100 million to the credit — once the funds run out, so does the tax break. And taxpayers must live in the home for two years or pay the credit back. The state tax agency will pay out the credit over three years; thus, taxpayers would receive the credit in 2009, 2010 and 2011, or in 2010, 2011, and 2012.
While the federal credit is limited to taxpayers with adjusted gross income of $75,000 or less ($150,000 for married couples filing jointly), the California tax credit is available to people of any income.
