California's The Franchise Tax Board (FTB) says it will stop accepting applications for the First-Time Buyer Credit at midnight on Sunday, Aug. 15.Â
As of Aug. 4, FTB has received 31,460 applications. The FTB stated that because some of the applications are invalid or duplicates, it will continue to accept them through Aug. 15 to ensure that enough valid applications are received to properly allocate the full $100 million. FTB estimates that it can award approximately 17,500 to 20,000 credit certificates to unique and valid applicants.
The credit will be allocated on a first-come, first-served basis using the date and time stamp on the fax submission, until the money is exhausted. The tax credit is available to those who purchased a qualified principal residence and did not own one during the last three years. This credit is equal to 5% of the purchase price or $10,000 – whichever is less, and taxpayers must claim the credit on their tax return in equal amounts over the following three tax years.
SOURCE: The Franchise Tax Board