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Attention, homebuyers: California's New Home Credit will soon be gone, state Franchise Tax Board officials announced Friday.
The FTB said it has received nearly 16,000 applications and reservation requests totaling about $103 million, as of Tuesday. The state has allocated $100 million for the credit.
However, because many of the submitted applications are duplicates, FTB said it plans to accept at least 24,000 applications from qualified buyers of new homes to ensure that the full $100 million is exhausted.
"We're trying to communicate as much as possible, so even though the gross amount exceeds ($100 million), we're asking taxpayers to please keep applying for it," said FTB spokeswoman Denise Azimi.
Once another 8,000 or so applications are received, the FTB plans to announce the cutoff date on its website – www.ftb.ca.gov – at least one week in advance.
The New Home Credit is available to taxpayers who close escrow on a new home after May 1, 2010, and before August 1, 2011, as long as they enter into an enforceable contract executed before Jan. 1, 2011. The seller must certify that the home has never been occupied.
The credit is equal to the lesser of 5 percent of the purchase price or $10,000, and will be allocated on a first-come, first-served basis.
Read more: http://www.sacbee.com/2010/09/18/3038121/franchise-tax-board-california.html#ixzz0zuk9RrI1
Cliff Cottam Insurance Services (CCIS)