The California state tax credit of up to $10,000, which began March 1st of this year quickly sold out by July 2nd and helped sell many new homes throughout the state, may be to be coming back again. This is particularly good news for those who are thinking of buying a new, unoccupied home here in California since that national homebuyer's tax credit will be expiring at the end of November.
State law-makers were to vote this past Friday for a plan that would further extend the state's tax credit for almost another 4,500 buyers throughout California with close to 500 around the Sacramento area.
The tax program did generate a lot of interest for new homebuyers to enter the market and helped area home builders sell much of their excess inventory of new homes that were completed or nearly completed.
Governor Schwarzenegger was the biggest supporter of the original state tax credit, which he felt created many new jobs in the construction industry and helped energize the California economy as a whole.
Nearly 11,000 homebuyers throughout the state used the tax credit earlier this year. Once the program began in March it only took 4 months for it to reach its $100 million limit.
Started by Assemblywoman Anna Caballero, D-Salinas, which is called Assembly Bill 765, is designed to reauthorize the tax credit and if signed would be extended to March 1st, 2010.