Easy to Understand Federal and State Tax Credits?
Published by Tei Baishiki under General.
The California Association of REALTORS® provides a very useful chart for guiding clients to qualification requirements, including what forms to file for both the Federal and California State tax credits.
With most new homebuilders willing to cooperate with brokers and agents in the representation of a new home purchase, this is a great time to make sure that agents get the word out about the availability of current Federal and State tax credits to both their past and potential clients. The tax credits offered today, along with historically low interest rates, provide unprecedented opportunities for today’s homebuyers.
There are 5,668 tax credit applications submitted to date, resulting in over one-half of the current $100 million tax credit already having been claimed. Assembly Bill 765 was recently introduced and, if passed, will provide an additional 20,000 taxpayers the opportunity to take advantage of the popular new home California State income tax credit of up to $10,000. AB 765 calls for increasing the existing $100 million California new home tax credit program cap to $300 million. If AB 765 becomes law, it estimates 30,000 new homebuyers would benefit from the program.
Terri Adamo
Franchise Sales Director
Terri.Adamo@rwnc.net
