California $10,000 Tax Credit … Update No. 2!
Monday, March 2nd, 2009
***Update – 2010 California Home Buyer Tax Credit Takes Effect 5/1/10 – Details Here***
The Franchise Tax Board posted their summary of “Tax Credit for New Home Purchase” late on February 27th. This website provides answers to many of the outstanding questions on the implementation of SB 15. For example:
1. The FTB has confirmed the date they will use to determine the tax credit availability will be the close of escrow.
2. The FTB states the tax credit is not refundable.
3. The FTB states unused portions of the tax credit may not be rolled forward.
4. The FTB has provided a form for use in claiming the tax credit.
5. The form must be faxed to the FTB after the close of escrow.
6. The New Home Purchaser will receive notification of the tax credit directly from the FTB.
7. The web site will also provide a running total of the tax credits approved.
For more information, please go directly to the FTB website.
Thanks for the resource. It’ll be nice to see the running total of tax credits approved as time goes on.