May 11, 2010 (Sacramento) -- The California Legislature recently approved a $10,000 tax credit for Californians purchasing qualified homes between May 1, 2010 and Dec. 31, 2010. The credit applies to people purchasing previously unoccupied homes and to first-time homebuyers purchasing re-sale homes.
The property must be the buyer's main residence. In both cases, buyers can waive whatever state taxes they owe - up to $3,333 - in each of the three years after buying. The program begins with escrows that close May 1 or later. Buyers who close escrow before then are ineligible.