Going, Going, Going. . . Gone. . .
California Tax Credit is being used up quickly - In 30 days they have already used over 25% of the available credits - Originally they had planned for this tax credit to last about a year, but at this rate it will be gone in about 4 months - This may create some additional urgency with some buyers and may help you move some standing inventory homes.
Tax credit amounts
California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. Applications will be reviewed and credit allocations will be made on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available. Please check this page for updates on the allocated and remaining credits available.
|
Total credit allocated: |
$0 |
|
Remaining credit available: |
$100,000,000 |
Note: The remaining credit amount displayed above only reflects allocations processed. This amount will be updated once we begin mailing credit allocation letters, which is expected to commence by May 1, 2009. This amount does not include applications that have been received, but not yet processed.
Applications for New Home Credit received, but not yet processed through 4/1/09
|
As of |
Total Applications received: |
Total Credit claimed: |
|
3/4/09 |
173 |
$1,715,826 |
|
3/11/09 |
711 |
$6,987,515 |
|
3/18/09 |
1,188 |
$11,599,825 |
|
3/25/09 |
1,710 |
$16,647,498 |
|
4/1/09 |
2,624 |
$25,578,709 |
This reflects the total amount of credit reported on applications received as of the date indicated. This amount has not yet been verified and may include duplicate, incomplete, and invalid applications. This amount is provided for informational purposes and does not reflect the actual amount to be allocated. We will update the amount received, but not yet processed, on this webpage each Friday. As we approach the $100,000,000 limitation, we will update the reported amounts on a daily basis. Keep in mind, that all applications will be processed on a first-come, first-served basis, based on the date received by fax only.
California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.
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