The Sacramento Business Journal is reporting that legistlation sponsored by the California Building Industry Association would extend the $10,000 new construction credit. More than half of the money for the program has been used in the first two months.
The tax credit was enacted to pay up to $10,000 or 5 percent of the purchase price of new home in order to spur homebuying. There was $100 million allocated for the credit, which began to be available March 1.
The new Assembly Bill 765 would provide an additional $200 million for the tax credit program.
