http://www.buildingonline.com/news/viewnews.pl?id=7921&subcategory=192
A brief summary of what SB 15XX, Senator Roy Ashburn (R- Bakersfield), authorizes:
▸ A tax credit of up to $10,000 credit (5% of home price or $10k, whichever is less) for the purchase of a newly constructed, previously unoccupied home.
▸ Available March 1, 2009 and good until March 2010, or when funding authority runs out – whichever comes first ($100 million was allocated to program).
▸ Allocated by the state's Franchise Tax Board on a first-come, first-served basis (details still to be worked out).
▸ Paid out to home purchasers over three tax years in equal amounts (i.e. $3300 for 2009, $3300 for 2010, etc.) • Purchasers must reside in the home for at least two years.
▸ There are no income limitations that have to be met by purchasers.
▸ There is no first-time homebuyer requirement.
▸ There is no repayment requirement (unless the purchaser sells, rents out, etc before 2 years expire).
