Tax credits are on again starting May 1 after the Governor signed AB 183 (Caballero).  The new law provides $200 million to be divided between new homes and resales. The credits are available for escrows that close May 1 or later.  Buyers will be able to use up to $3,333 in each of the three years after buying as a credit against taxes owed. See Governor Schwarzenegger’s press release for additional bill information.