Source: San Francisco Chronicle | March 27, 2010

Cash-starved California just came up with $200 million more to throw at the housing market. On Thursday, Gov. Arnold Schwarzenegger enthusiastically signed a bill that will award an estimated $200 million in state income tax credits to people who buy a home starting May 1. The credit is worth up to $10,000, spread evenly over three years. The new bill will cost the state more than twice as much as last year’s home buyer credit. Last year’s credit was also worth up to $10,000 spread over three years but applied only to new homes, not existing ones. The credits, which were allocated on a first come, first served basis, ran out in less than four months, and the Franchise Tax Board stopped awarding them July 2. To get the new credit, first-time buyers can purchase a new or existing home. People who are not first-time buyers can get the credit if they buy a newly built home, but not an existing one. [Read this article]

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