CA bill offers tax break for homeownership

(The Center Square) – A new bill introduced in the California Assembly would give homeowners who are selling to first-time home buyers a tax break to make home buying possible for many who would not otherwise get their desired house. Assembly Bill 1714 would give new home sellers a tax break in the amount of 40% of the costs they paid for repairs needed to close on a house they are buying. The cap on the tax break is $25,000, according to the bill. Homeowners who sell a house between Jan. 1, 2028 and Jan. 1, 2033 can claim this tax credit if the bill passes. “AB 1714 creates a targeted personal income tax credit for sellers who complete repairs that are required for a first-time buyer using CalHFA assistance,” Assemblyman David Tangipa, R-Fresno, testified during a Monday's hearing of the Assembly Revenue and Taxation Committee. “This bill is not about cosmetic upgrades or optional remodeling or rewarding ordinary home imp