March 2010 the State of California brought back the successful Homebuyer Tax Credit of up to $10,000.00!!!:
Homebuyer Tax Credit is for 5% of the purchase price of the home, up to $10,000.Tax Credit is for both 1st Time Homebuyers and Current Homeowners.
Tax Credit is for the purchase of a primary residence only. Buyer must live in the property for a minium of two (2) years.
Tax Credit is for homes purchased (close escrow) May 1, 2010 - Deceber 31, 2010. Program funding is limited to $100,000,000 and paid out until monies are used up. In 2009 the program ran out of money within 4 months (March - June 2009).
NO Income Limits.
Complete details can be found at the State of California - Franchise Tax Baord website.