Thursday, August 12, 2010

State Deadline for Tax Credit Applications ending 8/15/2010

2010 Tax Credit for New Home / First-Time Buyer

Important Update(08/06/10): FTB to accept First-Time Buyer applications through 8/15/10.

"As shown in the numbers below, we have received First-Time Buyer applications totaling more than $100 million. We announced in June that we would accept at least 28,000 applications since many we had received were duplicate, revised, or invalid applications. Since that time, we have received more and more duplicate, late, and invalid applications. So that we do not risk cutting off the program too soon, we will accept First-Time Buyer applications until midnight on Sunday, August 15, 2010. This will insure that we have more than enough First-Time Buyer applications to allocate the full $100 million. These additional applications must be timely, meet all requirements, and will be subject to the availability of remaining credits. We will only issue approved certificates of allocation until the $100 million is exhausted. Applications received more than 14 days after the close of escrow will be denied. We will continue to accept New Home reservation requests and applications." (Updated 08/06/10)

"We have not processed any applications yet, but our computer system is now completed, and we are ready to begin processing both New Home and First-Time Buyer applications. We will provide weekly updates on the number of certificates that have been mailed and the amount of credits that have been allocated starting August 19." (Updated 08/06/10)

Full story - http://www.ftb.ca.gov/individuals/new_home_credit.shtml (If you are looking for more information regarding the 2009 New Home Credit, see FTB Publication 3528, New Home Credit, or search using the “Forms & Publications” available at website.)

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