Monday, June 29, 2009

California Introduces Legislation to Extend the First Time Buyer / New Construction Tax Credit

California elected officials introduced two pieces of legislation today...the first increases the cap for the state first time buyer new construction purchase tax-credit program by a proposed $200 million (currently capped at $100 million), and the second would extend the length of the program by at least a year (current cut off date is February 8, 2010). Funds are almost all allocated under the current plan for the tax credit.

My thoughts? While this sounds great and all, I would prefer to see a balanced budget passed first. Keep in mind that the Federal $8,000 first time buyer tax credit is still available through December 1, 2009!

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