Bill > AB1714

This bill proposes a new personal income tax credit for first-time homebuyers, allowing taxpayers to claim a credit for up to $25,000 of repair expenses that are required to close the sale of a home when a first-time homebuyer assistance program is utilized. These "qualified repair expenses" are specifically for necessary repairs identified by a lender's appraisal, property inspection, or health and safety requirements imposed by the California Housing Finance Agency, and do not include cosmetic upgrades. The credit is available for taxable years between 2028 and 2033, and any unused credit can be carried forward to future years. The bill also includes provisions for reporting on the credit's effectiveness, aiming to reduce failed home sales and increase homeownership by helping to cover essential repair costs, particularly for older homes. This act is considered a tax levy and will take effect immediately.

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1714