Tax credit proposal if passed will have following highlights:

The Governor plans to set aside $200 million, twice the amount set aside last year. The credit will be offered on a first come first served basis till the fund is exhausted. Last year the fund ran out in 8 months. The legislature approved the extension Monday, which will provide an extra $200 million for income tax credits to Californian’s who buy a home between May 1st 2010 and Dec. 32, 2010 and closes escrow by August 1, 2011. $100 million for first time homebuyers purchasing existing homes and $100 million for anyone who buys a new, unoccupied home.

Ø  The tax credit will apply to buyers of new & existing homes. The last credit was only applicable to new homes.

Ø  The tax credit will be available only to first time home buyers.

Ø  The current proposal is for the purchase of an existing home, as well as a newly built residence.

Ø  The tax credit will be $10,000 or 5% of the purchase price whichever is lower.

Ø  The tax credit would begin May 1st, 1 day after the Federal Tax Credit ends April 30th.

Ø  The credit should last between May 1, 2010 and December, 31, 2010.

Ø  The credit will be given in 3 payments to a taxpayer’s personal income tax returns over 3 year period; a credit of $3,333/year.

On Your Team,

 

Kurt Galitski

The Kurt Real Estate Group

Vice President, Weichman Realtors

877-957-6677

Posted via email from The Kurt Real Estate Group

Kurt Galitski

Meet Kurt Galitski - The Kurt Real Estate Group, your new best friend. Distinctive Strategies that Deliver Record-Setting Results. When you combine Kurt’s passion and knowledge of the real estate market, you really gain an appreciation for what makes Kurt different. But what truly sets him apart from the crowd are his 5 distinctive strategies and his property management… For Kurt, getting into real estate was not an accident, it was a deliberate and calculated decision to deliver a better experience to home buyers, sellers, and landlords that they have ever received before. Today, you could ask any one of hundreds of clients, read his Yelp reviews, or look at his track record of being featured in Orange Coast Magazine in excess of eight consecu­tive years and you too will say mission accomplished. www.KurtRealEstate.com www.KurtPropertyManagement.com 877-957-6677

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