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According to the Sacramento Bee article on February 20^th there are more goodies to give first time homebuyer’s incentives to purchase a home right away! Tax breaks to stimulate buying are back. California’s new budget gives a $10,000 tax credit to people who buy a new house soon. That coupled with the Federal tax credit signed last Tuesday to first time homebuyer’s for $8,000 give the potential to take $18,000 off their taxes. This applies to new California residences purchased between March 1, 2009 and March 1, 2010. The state will take $3,333 off a buyer’s state taxes starting in the year of purchase and for the two following years.

Check with your accountant to verify the details of the above incentives.