California’s First-time Home Buyer Tax Credit Expired

California’s first-time home buyer tax credit expired effective midnight, August 15th. 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. The FTB will continue to accept applications for the state’s New Home Credit.  As of August 18^th, 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://takeaction.realtoractioncenter.com/ct/1p2oHy41grrv/.