Governor S. signs a bill filling the gap left by Fed tax credit set to expire

Governor Terminator has signed a new bill into law that will help fill the gap left by the soon-to-expire Federal tax credit. It will give home purchasers a $10,000 tax credit on their California state taxes (available until money runs out).

The credit is for up to 10K and is for both new and existing homes. It will take effect May 1 — after the federal credit expires on April 30.

The state had a similar credit last year, but the budget has been doubled to 200 million this time round. Last year’s budget 100 million was used up eight months before it’s expiration, so the clock is ticking. The whole program is being sold as an incentive to create more jobs.

Here’s a link to more detailed information:

http://lansner.freedomblogging.com/2010/03/25/gov-signing-new-homebuyer-tax-credit/60627/

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