Thursday, April 30, 2009

CA Homebuilder Lobby Wants To Extend Tax Credit


The California association that lobbies for homebuilders is pushing for more money to extend funding for a home-buyer tax credit.

In February, the state designated $100 million for the original $10,000 tax credit, which applied to newly constructed, previously unoccupied homes. The money became available on March 1 and is already almost half gone, said Tim Coyle, the California Building Industry Association's vice-president for governmental affairs.

Coyle would not disclose the size of the tax credit the association is seeking, but said that information would be available by next Thursday. By then, the association and its supporters in the state's Assembly and Senate aim to have introduced a bill.

While the association would support a broader credit than the original, this one would also likely apply to new construction because that would net California money, generating more in state revenue than it would distribute in the form of the tax credit, Coyle added.

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