The website of the CA Franchise Tax Board (FTB) shows that they have received over 30,000 applications for the 1st Time Buyer Tax Credit. They had initially posted that they would stop taking applications once they reached 28,000.
I just spoke with a representative at the FTB, and he said that they are going to continue to accept applications until they get their software up to speed. He also added that there has been a high number of invalid applications based on the small sampling they have reviewed. His advice to 1st Time Buyers was to send in their applications regardless of the numbers posted on the FTB site until the site actually says they have stopped accepting them.
A sampling of the New Home Credit applications showed that they are more accurate. The FTB rep said that this is likely due to the fact that the buyers have more time to complete the forms. As of 7/27/2010, they have received 3,720 Reservation Requests and 7,090 Applications, totaling just over $70mil of the $100mil allocated for that credit.
The FTB rep anticipates that they will accept close to 28,000 applications for the New Home Credit as well. For more information, visit the Tax Credit page on the FTB site.
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