Governor signs home tax credit bill
Governor Schwarzenegger today signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.
Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.
To learn more about the California Home Buyer Tax Credit, click here.
Great Bear Lodge – 4 Bedroom / 4.5 Bath
The jewel of Northstar’s Village, Great Bear Lodge overlooks the skating rink and Village. Plenty of sun, privacy, and fantastic views are offered from this magnificent condominium. A private elevator whisks you to your mountain retreat. Tastefully furnished with all you will ever need. Access to the Tahoe Mountain Club may be available, offering the finest in amenities for your discerning clients.
For more information and photos of this and other Northstar-at-Tahoe real estate property for sale click here.
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