Incredible as it may seem the $8,000 Federal tax credit can be combined in April 2010 for a credit up to $1,800 as a result of the recent California legislation.
Window of opportunity
- Open to home buyers in the state of California.
- Must be in contract before May 1st 2010
- Must close between May 1st and June 30th 2010
- Non-First time home buyers will still be eligible to receive up to $16,500
“The new California law applies to certain purchases that close escrow on or after May 1, 2010 (see Cal. Rev. & Tax Code section 17059.1(a)(4)). California law generally allows buyers of never-occupied properties to reserve their credits before closing escrow, but buyers seeking to combine the federal and state tax credits will not be able to satisfy the timing requirements for such reservations (see Cal. Rev. & Tax Code section 17059.1(c)(1)(A)). Other terms and restrictions apply to both tax credits.”
~ California Association of REALTORS Legal Department
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