SB 49 - Up to $10,000 Tax Credit

SB 49 has just been introduced in the California Senate and would allow for the purchaser of a qualified principal residence, after March 1, 2009 and before March 1, 2010, to obtain up to a $10,000 credit against state net taxes. The principal residence must be new or previously unoccupied. This bill is supported by builders and would create incentives to purchase newly constructed homes.