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Lawmakers Approve Tax Credits

Sacramento, CA — A couple of Governor Schwarzenegger’s requests have been met by the legislature.

Lawmakers have sent the Governor bills establishing another homebuyer tax credit, and a sales tax exemption for environmental technology firms.

The legislation was quickly approved by the legislature in order to ensure the Governor’s signature on a transportation funding bill.

A $10,000 tax credit will be available for first time homebuyers to purchase new or existing homes, or for any resident that purchases a newly built home.

The sales tax exemption will be available for environmental technology firms to purchase manufacturing equipment.

The Governor also requested a $3,000 tax credit for businesses that hire new employees, but that request was not met.

Written by bjhansen@mlode.com.