Calif. Gov. Schwarzenegger proposes extension, expansion of $10,000 home buyer tax credits

Calif. Gov. Schwarzenegger proposes extension, expansion of $10,000 home buyer tax credits

By Michelle C. Carr-Crowe

Did you miss it? Amongst the numerous proposals for 2010 in Governor Arnold Schwarzenegger’s State of the State address today one stood out to benefit buyers of both new and existing homes in 2010.

During his State of the State address, Governor Schwarzenegger included in his proposals a recommendation to set aside $200 million for a new round of $10,000 state tax credits for first-time home buyers.

If passed, it increases housing affordability for first-time home buyers throughout Santa Clara County, from Morgan Hill and San Jose to Los Gatos and Saratoga, including Palo Alto and Los Altos to Cupertino and Santa Clara.

The Governor’s new proposal expands upon the initial $10,000 state tax credit by including both new and existing homes.

The 2009 tax credit from last year applied only to buyers of newly constructed homes.