AZUSA, CA – Today, the California Legislature approved a bill by Assemblywoman Blanca E. Rubio (D-Baldwin Park) which would establish a first-time homebuyer tax credit for low and moderate income individuals. The bill, AB 1590, will help these first-time homebuyers cover unanticipated costs associated with homeownership.
Qualified first-time home buyers who purchase a home between January 1, 2020, and January 1, 2023, will receive a tax credit of up to $5,000, pending approval in next year’s state budget.
“Homeownership is one of the largest barriers to economic advancement,” said Assemblywoman Blanca Rubio. “This bill promotes financial prosperity and provides new opportunities for Californians to invest in their future by becoming first-time homebuyers.”
AB 1590 passed through both houses of the Legislature with bipartisan support and now heads to Governor Newsom’s desk.
“The California Association of REALTORS® (C.A.R.) is proud to be the sponsor of AB 1590 and, thanks to Assembly Member Rubio’s leadership on this issue, thousands of working families will now have the ability to achieve the dream of homeownership," said C.A.R. President Jared Martin.
Assemblywoman Rubio represents the 48th Assembly District, which is comprised of the cities of Azusa, Baldwin Park, Bradbury, City of Industry, Covina, Duarte, El Monte, Glendora, Irwindale, Monrovia, West Covina, and the San Gabriel Valley unincorporated areas of Los Angeles County, including Bassett, Charter Oak, Citrus, East Arcadia, Ramona, Valinda and West La Puente.
CONTACT: Taylor Woolfork (916) 319-2048