Californians have a Brief window of opportunity to receive up to $18,000 in combined Federal and State homebuyer tax credit!
To take advantage of both tax credits, a first time home buyer must enter into a purchase contract for a principle residence before May 1st, 2010 and close escrow between May 1st, 2010 and June 30th, 2010. inclusive Buyers who are not first-time homebuyers may use the same timeframes to receive up to $16,500 in combined tax credits if they are long-time residents of their existing homes as permitted under federal law, and they purchase properties that have never been previously occupied as provided by California Law.
( according to the California Association of Realtors)
Under the federal law slated to soon to expire, a first time homebuyer may receive up to $8,000 in tax credits, and a long-time resident may receive up to $6,500 for certain purchase contracts entered into by April 30th that close escrow by Jun 30th, 2010. Additionally, under a newly enacted California law, a homebuyer may receive up to $10,000 in tax credits as a first-time homebuyer or buyer of a property that has never been occupied. The new california law applies to certain purchases that close escrow on or after May 1st, 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.
(see Cal. Rev & Tax Code Section 17059.1(c)(1)(A)
Other terms and conditions apply to both tax credits.