Homebuyer tax credit signed into law (Video)

Gov. Arnold Schwarzenegger signed a new bill this week that would extend the $10,000 homebuyer tax credit to Californians.

The state legislature on March 22 passed assembly bill (AB) 183, which gives the Franchise Tax Board authority to extend $200m in tax credits to homebuyers in the Golden State. Buyers of new, unoccupied homes are allocated $100m in credits, and first-time homebuyers of existing homes get another $100m.

The credit is extended from May 1, 2010 to Dec. 31, 2010. The credit is available to buyers on a first-come, first-serve basis, and it’s applied in equal amounts over a three-year period.

According to the governor’s office, the initial $100m tax credit approved in February 2009 lasted just four months.

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