Per the California Association of Realtors:
As of this writing, California’s first-time home buyer tax credit expired effective
midnight, August 15. That announcement came after the Franchise Tax Board (FTB) realized it
had received more than enough applications to cover the $100 million allocated for eligible
first-time home buyers. It is encouraging to learn that more than 33,000 Californians have
taken advantage of this credit.
When working with your buyers, keep in mind that the FTB will continue to accept applications
for the state’s New Home Credit. As of this writing, the state had received 12,090 reservation
requests and applications, which is expected to utilize nearly 80 percent of the $100 million
allocated to this program. The FTB will stop accepting applications for that program once it
determines it has received sufficient applications and requests. You can follow that tax credit’s
status at http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml.
SUNIL SETHI REAL ESTATE
Sunil Sethi / Broker, President, REALTOR, MBA / SUNIL SETHI REAL ESTATE
38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536
CA DRE#: 01173766