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 site issued this new statement:

Tax Credit for New Home Purchase Important update (06/29/09):
As shown in the numbers below, we have reached $100 million in new home credit applications. Because many of these are duplicates, revised, or invalid, we plan to receive 12,000 applications. This will ensure we have more than enough valid applications to allocate the full $100 million.

These additional applications will be subject to the availability of remaining credits. Now that we have received 11,000 applications, we will update this page each business day with the total number of applications received. We will no longer accept applications once we have received 12,000, and the fax service will be disconnected. We will continue to report certificates issued on a weekly basis until the full $100 million has been allocated. We expect to complete processing all certificates inAugust. We will send a notification in response to all applications received, indicating th amount of credit allocated or denied.

***Important update (07/03/09): FTB No Longer Accepting Applications

Tax Credit for New Home Purchase [Franchise Tax Board]
$10,000 Reasons to Buy a New Development this Year [SFHomeBlog]
The Countdown Begins [SFHomeBlog]

This entry was posted on Wednesday, July 1st, 2009 at 5:00 pm and is filed under SB 15XX, Tax Credit for New Developments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.