Many home buyers may not realize that thanks to two laws just passes new home buyers may qualify for up to $18,000 in tax credits. The Federal Stimulus plan, the American Recovery and Reinvestment Act of 2009 authorizes a tax credit of up to $8,000 for qualified first-time home buyers ( buyers who have not bought a new home in the past 3 years) who purchase a principal residence after January 1. 2009 and close escrow on or before December 1st 2009
http://www.federalhousingtaxcredit.com/2009/index.html
Want that extra $10,000 in tax credits?
The state of California has allocated $100,000,000 in tax credit for purchases of newly constructed property. As of April 22nd already $40.88 million dollars is already gone. This tax credit up to $10,0000 (which is credited equally over a 3 year period) is available for qualified buyers who buy between March 1, 2009, and close on or before March 1, 2010. The residence must be qualified and never been occupied. This is great for for San Franciscans as there are an abundance of newly constructed condos throughout San Francisco, from Infinity Towers to 2200 Mission Street.
http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml
Want to see the benefits side by side? Visit
California Association of Realtors®
http://www.car.org/legal/2009-qa/homebuyer-tax-credit-chart/
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