The California Franchise Tax Board (FTB) has just issued guidelines and application procedures for those wishing to take advantage of the 2010 First-Time Homebuyer or New Home Tax Credit. The General Information section outlines key information and specifies who is eligible and what types of properties qualify for the credit. Updates to the site will be made again prior to the May 1st start date of the program.
As there is a set dollar amount allocated for the program, the FTB will allocate the tax credit on a first-come, first-served basis. If history is any indicator, it won't take long for the tax credit pool to dry up, as the 2009 New Home Tax Credit was exhausted halfway through 2009.
In my opinion, this will be the last of the credits and would-be homeowners will have missed out on a great opportunity for reducing their tax obligations, as well as taking advantage of fantastic interest rates, if they don't act now.
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