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Governor's State of the State Address and First-Time Home Buyer Tax Credit

In Governor Schwarzenegger's State of the State address last Wednesday, he proposed a recommendation "to extend and expand the $10,000 homebuyer tax credit to include the purchase of existing homes in addition to new residences for first-time homebuyers. The buyer must not be a dependant and must be purchasing a home that does not belong to a relative. Under the Governor’s proposal, the Franchise Tax Board will extend the credit to buyers who purchase homes until $200 million dollars in tax credits have been granted."


This proposal is set to include existing homes, where before it only included new residences. Should this pass, it is great news for those looking for homes in the East Bay!


*Information found at  http://gov.ca.gov/

Published Monday, January 11, 2010 10:31 AM by Annie Tegner

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