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Schwarzenegger pushes for expanding homebuyer tax credit

Gov. Arnold Schwarzenegger was in Chula Vista on Friday to push for the expansion of California’s $10,000 homebuyer tax credit to include the purchase of existing homes.

Previously, the tax credit was available only to first-time homebuyers who purchased a new home.

“We need to get people out there buying homes so we can build more homes - which will further stimulate our economy and put people back to work,” Schwarzenegger said.

The governor announced his proposal at an event at Brookfield Homes in Chula Vista.

If passed by the state Legislature, the expanded homebuyer tax credit would go into effect May 1.

The governor’s office anticipates the homebuyer tax credit will apply to the purchase of 14,775 new homes and 5,700 existing homes.