$10,000 California First Time Home Buyer Tax Credit Ready To Be Extended

by Jonas Kruckeberg on March 23, 2010

Governor Arnold Schwarzenegger’s proposal to extend the $10,000 first time home buyer tax credit has been passed by California Legislature. The tax credit would begin May 1st, 1 day after the Federal Tax Credit ends April 30th.

The previous California tax credit limited to a total of $100 million for new home purchases only was exhausted eight months before the proposed deadline. The initial bill credited over 10,000 home buyers. The new bill appears to double the amount assistance.

New California First Time Home Buyer Tax Credit Highlights
$200 million in funds available on a first come, first serve basis – could help over 20,000 home buyers

New homes for any taxpayer and new/existing homes for first time home buyers

“Qualified principal residenceâ€