Franchise Tax Board: State's New Home Tax Credit Gone

The Franchise Tax Board (FTB) announced today that it will stop accepting applications for the new home tax credit at midnight tonight, Thursday, July 2, 2009. New tax law allocated $100 million of tax credits made available to roughly 10,000 qualified buyers who on or after March 1, 2009, purchased a qualified principal residence that had never been occupied.

This credit is equal to the lesser of five percent of the purchase price or $10,000. The buyer must reside in the new home for at least two years immediately following the purchase date.

To ensure that enough valid applications were received to properly allocate the full $100 million available for this tax credit, FTB accepted 12,000 applications. However, FTB will only issue approved credit certificates until the $100 million is exhausted. The credit is allocated on a first-come, first-serve basis.

For more information, visit FTB's Tax Credit for New Home Purchases web page at www.ftb.ca.gov

Tags: Politics, top news, World, california

Editorial Cartoons
Political Cartoons

<style> /* RESET STYLES */ .fxw hr,.fxw div,.fxw span,.fxw h1,.fxw h2,.fxw h3,.fxw p,.fxw a,.fxw em,.fxw img,.fxw strong,.fxw ol,.fxw ul,.fxw li {margin: 0;padding: 0;border: 0;outline: 0;font-weight: inherit;font-style: inherit;font-size: 100%;font-family: inherit;vertical-align: baseline;line-height: 1;list-style: none; } .fxw {font-family: Arial, sans-serif !important;font-size: 11px !important;border: 1px solid #004c00;background-color: #fff;position: relative !important;} .fxw .clear {clear: both !important;height: 1px !important;overflow: hidden !important; } /* Header */ .fxw_header {color: #fff;background: #004c00;padding: 10px !important;font-weight: bold !important;font-size: 14px !important;} /* Footer */ .fxw_footer {color: #fff;background: #004c00;padding: 10px !important;} .fxw_footer a{text-decoration: none !important;font-weight: bold !important;color: #fff;} .fxw_footer .fxw_pipe {padding: 0px 3px 0px 3px;} /* Body */ .fxw_body {padding: 10px !important;overflow: auto !important; } /* Story Item */ .fxw_story {border-bottom: 1px solid #e3e3e3 !important;padding-bottom: 8px !important;margin-bottom: 8px !important;} .fxw_story.fxw_last {border: 0px !important;} .fxw_story.fxw_image {padding-left: 60px !important;} .fxw_story.fxw_image img {float: left;width: 50px;margin: 0px 0px 0px -60px;} /* Story Title */ .fxw_title {margin: 0px !important;padding: 0px !important;} .fxw_title a {text-decoration: none !important;font-weight: bold !important;font-size: 12px !important;line-height: 16px !important;color: #000099; } /* Story Description */ .fxw_desc {color: #666;padding: 0px !important;margin: 1px 0px 0px 0px !important;line-height: 14px !important;font-size: 11px !important;} /* Story Image */ img.fxw_image {width: 35px !important;height: 35px !important;margin: 2px 0px 0px -45px !important;float: left !important;} </style> <script type="text/javascript"> fxw_city = ''; fxw_limit = 6; fxw_source = ''; fxw_topic = ''; fxw_id = 'fxw_container'; fxw_target = '_blank'; fxw_showImage = false; fxw_showDescription = false; fxw_customCSS = true; </script> <script type="text/javascript" src="http://fwix.com/tools/widget/v1"></script> <a href="http://fwix.com" id="fxw_clear"><img src="http://fwix.com/images/clear.gif" border="0" title="Fwix - Your New Local Newspaper" /></a>

NEWS

WIRES

OTHER

TECHNOLOGY

NEWSPAPERS

Franchise Tax Board: State's New Home Tax Credit Gone