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March 24th, 2009 by Temple City Tribune
A combination of California tax credit and the expanded federal tax credit has been passed by Congress and the state legislature so that qualified buyers of new homes can receive up to $18,000 in tax credits.
Both programs differ as to eligibility and those thinking of purchasing a new home should check websites to see the offers.
Congress expanded the federal first-time home buyer tax credit when it adopted the American Recovery and Reinvestment Act of 2009. California’s legislature recently allocated $100 million in tax credits for purchasers of new homes.
Developers, anxious to promote these programs, are touting these benefits in sales brochures as part of project disclosures.
Information on these two benefit programs are available on the internet. The National Association of Home Builders at www.federalhousingtaxcredit.com offers information on the federal plan. California’s program information can be seen at the California Franchise Tax Board website address www.ftb.ca.gov/individuals/New_Home_Credit.shtml.
As of last week, California’s tax credit, available to homeowners as of March 1, 2009, had processed 711 applications for a total of almost $7 million.