Sorry, I was busy closing loans and forgot to update everyone about the CA State Tax Credit for 1st Time Homebuyers. As of 8/15/2010, the Franchise Tax Board (FTB) stopped accepting applications for the State 1st Time Homebuyer Tax Credit.
Per the FTB site:
FTB has stopped accepting First-Time Buyer applications as of midnight Sunday, August 15, 2010. We have received more than enough to fully allocation the $100 million. We needed to accept additional First-Time Buyer applications since we have received so many duplicate, revised, and late applications. However, we will only issue approved certificates of allocation until the $100 million is exhausted. All First-Time Buyer applications received after August 15, 2010 will be denied. We will continue to accept New Home reservation requests and applications until further notice. (Updated 08/19/10)
The FTB finally started processing/issuing certificates for this credit on 8/17/2010 and have issued about 580 certs as of 8/24/2010.
HOWEVER, they are still accepting applications for the New Home Credit. The FTB has actually issued about 270 New Home Certs as of 8/24/2010 totalling just under $1.9mil of the $100mil allocated.
Check out the FTB website for more info.
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