Going going Gone – $10k CA Tax Credit Used Up (with a caveat)

So for those of you who follow me on twitter you will have seen this last week. For those of you who were trying to get that tax credit under the wire, chances are you were watching it daily – like me. My client who bought at the Arterra got his tax credit request faxed in the day before the Franchise Tax Board reported they had reached their limit of $100 million in credits issued. On Monday the FTB web

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The Countdown Begins – 17.5% of CA New Home Tax Credit left…

Basically, if you’re not closing escrow in the next two weeks on your never been lived in home – don’t plan on getting that $10,000 CA new home tax credit. What’s going to be interesting is to see if the sales in new developments, that spiked in May, slow down as the news goes out that the tax credit is gone. Tax Credit for New Home Purchase [Franchise Tax Board]CA Tax Credit more than 65% gone in 3 months [SF

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$10,000 CA Tax Credit more than 65% gone in 3 months

As of May 20th 2009 the new home California $10,000 tax credit is over 65% gone.  May has seen a huge spike in new home sales and being as the credit cannot be applied for until escrow closes, and is on a first come first serve basis, the window to qualify may be gone as early as mid June.   New numbers are updated every Friday. Two state lawmakers have applied to extend that credit from $100m, to $300m (the

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$10,000 CA New Home Tax Credit Update

Here is more detailed information on the California new-home tax credit. The information comes from this CA government webpage: Tax Credit for New Home Purchase This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date. Read entire Tax Credit article Tax

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$10,000 New Reasons to Buy a New Development This Year

Included in the recently passed California 2009 Budget is a $10,000 tax credit for purchasers of new or previously unoccupied homes. The credit is sound fiscal policy since a new home purchase generates an estimated $8000 more in taxes than the credit costs the state. Details of the how to get the tax credit are still being ironed out, but at the moment it looks as though the developer will need to issue a certificate to both the Buyer and

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