California homeowners who purchased their homes between March 1, 20009 and March 1, 2010 may be eligible to receive a tax credit from the state of California, provided:
- the home purchased has never been occupied; and
- the homeowner lives in the home for a minimum of two years from the purchase date.
This credit is not automatic and must be applied for. The maximum total credit that the state will give to all eligible homeowners is $100,000,000, so apply now to ensure you receive the credit!
For more information, visit the California Franchise Tax Board site at //ftb.ca.gov/individuals/New_Home_Credit.shtml.
first tuesday take: Don’t be fooled: this isn’t really a tax credit to help buyers. Builders are the beneficiaries of this largesse. Our state government, instead of focusing on individual homeowners, is bending to the will of the builders to the detriment of individual homeowners since this tax credit allows builders to unfairly compete with distressed homeowners looking to sell their property to avoid foreclosure.