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SACRAMENTO, Calif. - Lawmakers passed Monday a bill authored by Central Coast Assemblymember Anna Caballero that renews a homebuyer tax credit that expired earlier this year.
AB 183 would extend the tax credit by $200 million until August 2011; a difference in the new bill would be the extension of tax breaks to those seeking to buy older, pre-existing homes.
Caballero said the credit has a proven track record since it's start in 2009.
"The construction industry reported a 39% increase in new building permits once the tax credit was implemented," said Caballero. "Builders reported that they were calling back workers who had been laid off for months."
The $200 million would be split between those buying newly-built homes and those buying old homes. Each credit would amount to $10,000.
The governor is expected to sign the bill; it would take effect on May 1.
