The State of California has just passed a $10,000 home buyer tax credit as part of the recent state budget bill.
This credit is in addition to the $8,000 federal tax credit.
However, the CA tax credit is different than the US tax credit.
The CA credit applies ONLY to NEW houses or condos purchased as primary residences.
The credit is limited to 5% of the purchase price or $10,000 whichever is lower.
The credit will get applied over a 3 year period and the buyer must live in the property for at least 2 years or they lose the credit.
The state tax credit is limited to $100M so time is of the essence.
There are lots of new projects on the Peninsula and in San Francisco.
Let me know and we can find the right one for you.
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