The California Franchise Tax Board will stop taking requests within weeks for a $10,000 homebuyer tax credit, restricting applications to 12,000, it has announced.
The FTB, having received 9,145 applications as of June 10, is nearing limits for a state credit that began March 1 for buyers of new, unoccupied homes in California Applicants have requested $88.2 million of $100 million allocated.
About $30.4 million has been approved for 3,219 buyers. The agency said it will finish processing requests for the $100 million in August.
The FTB said its online site will be updated daily with counts when it receives 11,000 applications. When it gets to 12,000, "the fax service will be discontinued."
It's estimated that 10,000 applications will be approved. The FTB plans to take 2,000 extras because many are duplicates, revisions or invalid.
Home builders are requesting an additional $200 million to keep the program going. The request is pending before theLegislature.
--Call The Sacramento Bee's Jim Wasserman, (916) 321-1102 or email him at [email protected]. Read his blog on real estate, Home Front, at www.sacbee.com/blogs.