A lot has been made about the recent Economic Stimulus plan's home buyer's tax credit. However, there is this lesser-known incentive, courtesy of the California Franchise Tax Board.
It's essentially a California-only tax credit for New Construction homes, which have never been occupied.
The link above will direct you to the State's Web site, which outlines the application process and lists the requirements to qualify for the first-come, first-served credit.
Also of note; as of April 8th, nearly 30% of the State's credit allocation has already been claimed. However, no acceptance letters will be mailed until May 1, 2009.
I'd love to be in the position to purchase a new development, and with the mortgage protection program, it's an excellent time to buy. Cash is definitely king right now.
Thursday, April 16, 2009
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