Last week, in his “State of the State Address,” Governor Arnold Schwarzenegger proposed a new tax credit for first time home buyers.  This proposal is similar to last year’s credit of $10,000. The tax credit, would provide up to $3,333.00 off a buyer’s state taxes for each of the next three years.

Proposed Ca Tax Credit

Federal Tax Credit Information #1

Federal Tax Credit Information #2 – IRS Site