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California homebuyers get an additional incentive

March 29, 2010 - California residents who are considering buying their first home will now have an additional reason to do so.

Last week, the state legislature passed a bill proposed by Governor Schwarzenegger that will award a tax credit of $10,000 to first-time homebuyers, Top News reports. In addition, these new homeowners will be able to claim 5 percent of their purchase prices on their state taxes.

The law will go into effect May 1 and eligible homebuyers will be able to receive the incentives through the end of the year.

Schwarzenegger called the legislation an "important housing bill that will get people off the fence and into homes while creating jobs and stimulating our economy."

The state currently suffers from an unemployment rate of 12.5 percent, which is the fifth highest in the country, according to the news source.

Prospective real estate owners can still take advantage of the Federal Housing Tax Credit, which could be worth as much as $8,000 for first-time buyers and $6,500 for repeat purchasers, according to the National Association of Home Builders.

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