PRESS RELEASE
03/25/2010   GAAS:195:10   FOR IMMEDIATE RELEASE

Governor Schwarzenegger Signs $10,000 Homebuyer Tax Credit
Legislation


Governor Arnold Schwarzenegger today returned to the La Ventana Homes project
in Fresno where he kicked off his campaign to extend and expand the hugely
successful homebuyer tax credit to sign legislation that will do just that. AB 183,
authored by Assemblymember Anna Caballero (D-Salinas) and Senator Roy
Ashburn (R-Bakersfield), will provide a tax credit of up to $10,000 to Californians
who are buying their first home or purchasing a brand new home. This legislation,
part of the Governor’s larger California Jobs Initiative, will play a key role in getting
our economy moving again by encouraging home ownership and stimulating job
creation.

“I have been up and down the state pushing this important housing bill that will get
people off the fence and into homes while creating jobs and stimulating our
economy – and today I am proud to take action and put it into law,” said Governor
Schwarzenegger. “Creating jobs is my number one priority and I am glad that I
have been able to sign two job-creating bills in two days. I applaud the legislature
for their great work and encourage them to keep it up and pass the remaining job-
creating elements of my California Jobs Initiative.”

AB 183 was passed by the legislature on March 22 and gives the Franchise Tax
Board authority to extend a total of $200 million in tax credits to California
homebuyers; $100 million for buyers of new, unoccupied homes and another $100
million for first-time buyers of existing homes. The credit will be extended from May
1, 2010 to December 31, 2010. The tax credit will be available to buyers on a first-
come, first-served basis and is applied in equal amounts over a period of three
taxable years. To qualify, the buyer must not be a dependant and must purchase a
home that does not belong to a relative.

Governor Schwarzenegger fought hard to extend and expand the homebuyer tax
credit after its successful run in 2009. That $100 million tax credit, which was
approved in February 2009, ran out after just four months with 10,659 Californians
claiming the credit – increasing home purchases, jumpstarting building projects
and boosting local economies. In fact, La Ventana Homes saw a 300 percent
increase in sales when the tax credit went into effect.

The homebuyer tax credit is a part of the larger California Jobs Initiative that the
Governor proposed in his State of the State address in January to create jobs and
stimulate the economy. Today’s bill is the second piece of it to be approved by the
legislature. A sales tax exemption on green-tech manufacturing equipment was
also approved to encourage green businesses to relocate and invest in California.
The Governor signed that yesterday.
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