Both houses of the California Legislature have passed a new homebuyer tax credit geared toward first-time homebuyers. All that's needed is Governor Schwarzenegger's signature on the new bill, which is expected any day now. There are plenty of Santa Clarita homebuyers that will want to take advantage of this. The only down side is that there is only $200,000,000 allocated toward this state tax credit, and as such, it's first come first serve. If the funds run out, you will not get it.
The Details:
Effective May 1, 2010, first-time Santa Clarita homebuyers, and those across the state, must close escrow on a home by December 31, 2010. Time to start your Santa Clarita home search!? If you're a first-time homebuyer (defined as not having owned a home in the past 3 years), you can't be related to the seller, you must be least 18 years old, and you must live in the home you're buying (owner occupied).
The state tax credit is just that. It's a credit against your state income taxes. The credit is for up-to $10,000. You can receive up to $3,333 credit toward the taxes you owe the state each year, for 3 years by purchasing a home between May 1, 2010, to December 31, 2010. “Up-to” is the key here. If you only owe the state $3,000 over 3 years in state income taxes, then I suppose all you will receive is a $3,000 tax credit, and no more, over that 3 year period.
Of the $200,000,000 allocated for this first-time homebuyer tax credit, $100,000,000 of that is for new home purchases only (not re-sales). I can see this tax credit running out well before December 31, 2010. So don't wait if this is something that interests you.
If you're a Santa Clarita first-time homebuyer, and you aren't going to make the April 30, 2010 cut-off for the federal tax credit of up-to $8,000, then you may want to look into taking advantage of this one. Contact The Robert and Brian Team, to discuss your options, and to get help looking for that Santa Clarita dream home of yours!
You can find us at our Santa Clarita real estate website. Or just contact us at 661-964-1760.
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