Economist for State Realtors Estimates Short Life for New CA Tax Credit
On March 25th, I wrote about the additional 200 million dollars, for new and existing home purchases, that will become available for certain residential real estate purchases beginning May 1st, “Governor Signs New CA Tax Credit Into Law.”
Unfortunately, according to calculations by California Association of Realtors economist Robert Kleinhenz, funds for this second round of state tax credits will not last long, running out around May 20th. He projects that only about one-third of the new home buyer purchases in May will receive the state tax credit before the funds are depleted.
For those who qualify, the California tax credit, when added to the federal one will be a wonderful housewarming present. To learn more about the extended federal tax credit, go to my previous post, “New IRS Guidelines for Home Buyer Tax Credit.”