After many months of delay, California’s lawmakers passed a 2009-2010 state budget into law on February 20, 2009. To help solve California’s $42 billion deficit, the new state budget calls for $12.5 billion in tax hikes, including a one percent increase in sales tax, a 0.25% increase in income tax, and a 0.50% increase in vehicle license fees. On the spending side, the state budget has provisions to create jobs, improve the California business climate, and stimulate the economy.
As for housing stimulus provisions, the state budget has a $10,000 tax credit to help encourage the purchase of new homes that have not been previously occupied (see Questions 60 to 82). Also included in the state budget is a new law extending the foreclosure process by 90 days for lenders without comprehensive loan modification programs (see Questions 83 to 98).
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