Sacramento – Senator Roy Ashburn (R-Bakersfield) today introduced SB 8X 21 the Homebuyer Tax Credit Bill. The $10,000 per homebuyer tax credit will go towards the purchase of new and existing homes. In total SB 8X 21 will allocate $200 million of tax credits for qualified homebuyers. One hundred million dollars of the tax credits will go to homebuyers who purchase new and unoccupied principal residences. The other hundred million dollars will be credited to first time homebuyers of any existing home.
The measure is a sequel to Senator Ashburn’s successful 2009 jobs bill SB 2X 15 New Homebuyer Tax Credit Bill. According to industry experts, the original measure created 20,000 permanent jobs in California and produced well over $120 million in local and state tax revenues. SB 8X 21 doubles the original amount of the tax credit to $200 million and reformulates the original Franchise Tax Board credit to insure that more homebuyers will qualify for the credit.
“The new home buyer tax credit was the most successful jobs bill the legislature passed last year,” Ashburn said. “SB 8X 21 will continue that success and double the number of jobs created and make possible homeownership for thousands of Californians.”
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