CBIA Tax Credit Extension Measure Passes Senate

From the Governmental Affairs Department of the California Building Industry Association
October 14, 2009

CBIA Tax Credit Extension Measure Passes Senate
By a vote of 35 to 1, SB 37XXX (Ashburn), the CBIA-sponsored bill to deliver 4,200 more tax credits to buyers of new homes, was approved by the state Senate today. SB 37XXX directs the Franchise Tax Board to free up funding for the tax credit – authorized by SB 15XX (Ashburn) in February – that remains in the state program account. The surplus funding is a result of the actual cost of the tax credit being less than the original $100 million authorized for the program. SB 37XXX now moves to the Assembly, which will take up the measure early next week. Thanks to Senators Roy Ashburn (R-Bakersfield), Assembly Member Anna Caballero (D-Salinas), Assembly Member Jose Solorio (D-Santa Ana), Dennis Hollingsworth (R-Temecula) and Senate Pro Tem Darrell Steinberg (D-Sacramento) for their help in moving this important bill to and through the Senate.

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