Well, he’s hitting the road again with some pretty hard hitting talk about making the $10,000 homebuyer tax credit a reality for potentially 20,000 California home buyers.
Following is the video posted on the Governor’s website as well as all of the important excerpts regarding the credit from his speech….if you’re a “cliff notes” person like me 
Governor makes his case that the tax credit will create jobs
So everyone got hit with this and this is why last year the legislature, Democrats and Republicans, came together when we did our budget and there was a huge problem that we had there, which was a $60 billion deficit. But part of that, to solve that problem, we also created and extended a homebuyer tax credit. And that homebuyer tax credit really was very helpful, because it immediately started creating some action amongst the home sales. As a matter of fact, the traffic going through the Towery Homes increased by 500 percent and people were buying homes again and 44 percent of those that bought homes from Towery used that tax credit. So as you could see, that we saw the action immediately and people got back to work, unemployed Californians got jobs again. But then, of course, it ran out and then you saw the drops again in the sales.
But it’s very important to recognize that when we do a stimulus, like that for home sales, that that has a chain reaction, a domino reaction. Homebuilders began pulling permits again and the subcontractors began again to hire people. As a matter of fact, the framers, the roofers, the carpenters, the plumbers, the electricians, the people that pour cement, the steelworkers, everyone got a job right away again.
So this is why it is so important to do that and this is why we are once again offering this tax credit and to do an extension. My proposal is to extend the tax credit of up to $10,000 for the purchase of new and existing homes. We will offer a total of $200 million. The first package was $100 million; that ran out very quickly. The second package is $200 million. We want to get people off the fence, we want to get them into the sales office. We want them to buy a home and be part of the American Dream and be part also of the whole job creation movement.
Changes to the Tax Credit This Time Around
When the $10,000 homebuyer tax credit was introduced last year it was only available for New Construction homes. This new credit will be expanded to include both new and existing home sales.
It seems that Governor Arnold is pushing pretty hard to pressure the legislature to expedite a decision on passing this Jobs Stimulus bill but it doesn’t look like it will happen in time for a concurrent tax credit opportunity with the Federal credit expiring very soon.
We’ll keep ya posted if we hear more on the subject….for now, I’m more optimistic that this thing will survive deficit scrutiny arguments and may actually get some legs under it.
We just have to wait and see.
