Home Buyer Tax Credits
March 14th, 2009 categories: Our Market
Home Buyer Tax Credits
A new state tax credit and an expanded federal tax credit provide attractive incentives for qualified buyers to purchase new homes. The United States Congress expanded the federal first-time home buyer tax credit when it adopted the American Recovery and Reinvestment Act of 2009. In addition, the California state legislature has just allocated $100 million in tax credits for purchasers of new homes. The eligibility requirements for the two credits differ, but buyers that qualify for both could receive up to $18,000 in total tax credits.
Additional information regarding the tax credits may be found at the Web sites of:
- The Internal Revenue Service – http://www.irs.gov/newsroom/article/0,,id=204671,00.html and
- The California Franchise Tax Board – http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
