CA legislature votes YES on $10,000 Tax Credit

The Governor signed the bill late 3/25 - which he drafted as part of his job support program - allowing first time home buyers to claim up to $10,000 tax credit on their state taxes. The formula is up to 5% of the purchase price, or $10,000, whichever is less. The tax credit is spread out over 3 years, and is funded up to $200,000,000. It is first come, first served! Although this is scheduled to apply to homes purchased May 1st through December 31, 2010, demand caused the last tax credit to run out early.

Source: http://www.mercurynews.com/search/ci_14734412?IADID=Search-www.mercurynews.com-www.mercurynews.com