Important update: FTB No Longer Accepting Applications
As of July 3, 2009, the state of California Franchise Tax Board (FTB) 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.
The tax credit is available for qualified buyers who purchase a brand new home (never occupied home) between March 1, 2009 and before March 1, 2010. They must live in the new home as their primary residence for a minimum of two years immediately following the purchase date. (date escrow closes)
The Franchise Tax Board estimated receiving 12,000 applications - but many are duplicates, revised, or even possibly invalid. They continue to report certificates issued on a weekly basis until the full $100 million has been allocated. The expected timeframe to complete processing all certificates is August. The Franchise Tax Board will send a notification in response to all applications received, indicating the amount of credit allocated or if the homebuyer was denied.
Certificates issued for New Home Credit through 07/02/09:
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As of
7/02/09
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Total Applications received:
10,633
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Total Credit claimed:
$ 102,638,616
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Regards,
Gerard Ladalardo, CMPS
www.FmcBanker.com
;)
;)
