Extending First Time Home Buyers Credit?

California Legislature has passed proposal (AB 183) to extend the $10,000 first time home buyer tax credit starting May 1, 2010. Highlights~ $10,000 tax credit or 5% of purchase price (whichever is lower) First time home buyers only. Credit given in 3 equal payments to a taxpayer's personal income tax returns over 3 year period. This is great news! The program worked pretty well before and enabled many to purchase homes, the right way. LEt's keep our fingers crossed on this one!