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$10,000 new construction tax credit in California on hold...
As of July 3, 2009, the franchise tax board in CA is no longer accepting new home credit applications.  There has been discussion to expand this program and it has been a major factor in helping the real estate industry rebound in recent months.  Factor in the $8000 federal tax credit for 1st time buyers and it's easy to see why buyers are jumping off the fence. 
As shown in the numbers below, they have received over $100 million in new home credit applications and more than 12,000 applications.  This means the $100 million originally allocated for the program has been used up.  Any additional applications will be subject to the availability of remaining credits.  The state will continue to report certificates issued on a weekly basis until the full $100 million has been allocated and they expect to complete processing all certificates in August and notifications in response to all applications received, indicating the amount of credit allocated or denied.
This tax credit is 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.
California began ... more

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