Californians Using Up Housing Tax Credit

Eight weeks into the $10,000 State of California tax credit – and the money is rapidly being used up.

Homebuyers have apparently flocked to the tax credit. According to the California Franchise Tax Board, already $40 million of the $100 million allocated for the tax credit has been spoken for.

At this rate, the tax credit will be completely gone by July 15th.


The great thing about this tax credit is that it can actually be combined with the $8,000 tax credit the federal government is giving out.

When you consider these two tax credits, plus the super-low interest rates, in many cases you might be better off to buy a new home now than to wait for prices to fall.

We all know that when you’re buying a home, you’re really signing up for a loan. So your total costs – cost of the loan, tax benefits – when buying a home are more important than small changes in the actual purchase price of the home.

For more information about the California Tax Credit: CLICK HERE