Jul 2, 2009 4:47 pm US/Pacific
Calif. Cutting Off Credits For New Home Buyers
SACRAMENTO (AP) ―
California is cutting off applications for a tax credit that was designed to promote sales of new homes.
The Franchise Tax Board said it would stop taking applications for the tax credits at midnight Thursday.
The program offered $100 million in credits to roughly 10,000 consumers who buy homes that have never been occupied. The credit is equal to 5 percent of the purchase price or $10,000, whichever is less.
Buyers must occupy the homes for at least two years immediately following the purchase.
The credit is being allocated on a first-come, first-served basis to qualified applicants. It was part of the budget package passed by the Legislature in February to satisfy a demand by Sen. Roy Ashburn, R-Bakersfield.
The tax board has accepted 12,000 applications so far.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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