AB 183 will provide $200 million for home buyer tax credits, allocating $100 million for qualified first-time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
The credit is equal to the lesser of 5% of the purchase price or $10,000.
Which is in equal installments over 3 consecutive years.
Under AB 183, purchasers will be required to live in the home for at least two years or forfeit the credit (i.e., repay it to the state).
The eligible taxpayer who will be able to take the allowed tax credit if taxpayer:
- Purchases a qualified personal residence from May 1, 2010 to Dec. 31, 2010
- Purchases a qualified principal residence from Dec. 31, 2010 to Aug. 1, 2011 pursuant to taxpayer entering into an enforceable contract to be executed before Dec. 31, 2010
Source: car.org
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