No More State of California Tax Credit for New Homes

As of July 3, 2009, the state of California is no longer accepting new home credit applications. They have received over $100 million in new home credit applications and more than 12,000 applications. They planned to receive 12,000 applications since many are duplicates, revised, or invalid. This ensures they have more than enough valid applications to allocate the full $100 million. These additional applications will be subject to the availability of remaining credits. This tax credit was available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date. The federal government is still offering a tax credit for first time buyers of resale or new homes. Feel free to contact me for details. Details on the state program are here: http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml