Amador County – Governor Arnold Schwarzenegger this week signed into law two bills which aim to spur job creation in California’s struggling economy. Both bills passed through the legislature with strong bipartisan support. The first, AB 183 extends home-buyer tax-credits through the end of this year. The legislation provides up to $10,000 to Californians who purchase a new home. California’s Franchise Tax Board will provide a total of $200 million to home buyers - $100 million for those who buy new homes and another $100 million for first time homebuyers purchasing existing homes. This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. The Tax Board estimates nearly 32,000 homeowners statewide might get the tax breaks. Buyers must close escrow or reserve a credit after May 1 and before or on December 31 to qualify. “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, speaking last Friday before the La Ventana Homes project in Fresno. “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,” he said. The other “job-creating bill” he referred to is SB 71, which will increase manufacturer jobs statewide by allowing for sales tax exemptions on green technology manufacturing equipment. Assemblymember Alyson Huber, whose 10th District includes Amador County, lauded the approval of both bills as important steps in order for the state to recover from the recession. “These bills are about jobs, jobs and jobs. By reinvigorating home sales we create jobs and by encouraging businesses to expand in California with green technology we create jobs,” said Huber. She said AB 183 will create increased demand for new housing construction and work for contractors to renovate existing homes, while SB 71 “will increase revenue by expanding the number of clean technology manufacturing companies with sites in California and create good paying jobs.” Story by Alex Lane This email address is being protected from spambots. You need JavaScript enabled to view it.
Wednesday, 31 March 2010 18:00
Schwarzenegger Signs New Jobs Bills, Extends Home-Buyers Credit
Written by Tom-
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Amador County – Governor Arnold Schwarzenegger this week signed into law two bills which aim to spur job creation in California’s struggling economy. Both bills passed through the legislature with strong bipartisan support. The first, AB 183 extends home-buyer tax-credits through the end of this year. The legislation provides up to $10,000 to Californians who purchase a new home. California’s Franchise Tax Board will provide a total of $200 million to home buyers - $100 million for those who buy new homes and another $100 million for first time homebuyers purchasing existing homes. This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. The Tax Board estimates nearly 32,000 homeowners statewide might get the tax breaks. Buyers must close escrow or reserve a credit after May 1 and before or on December 31 to qualify. “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, speaking last Friday before the La Ventana Homes project in Fresno. “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,” he said. The other “job-creating bill” he referred to is SB 71, which will increase manufacturer jobs statewide by allowing for sales tax exemptions on green technology manufacturing equipment. Assemblymember Alyson Huber, whose 10th District includes Amador County, lauded the approval of both bills as important steps in order for the state to recover from the recession. “These bills are about jobs, jobs and jobs. By reinvigorating home sales we create jobs and by encouraging businesses to expand in California with green technology we create jobs,” said Huber. She said AB 183 will create increased demand for new housing construction and work for contractors to renovate existing homes, while SB 71 “will increase revenue by expanding the number of clean technology manufacturing companies with sites in California and create good paying jobs.” Story by Alex Lane This email address is being protected from spambots. You need JavaScript enabled to view it.
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