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First-Time Home Buyer Credits Going Quickly

— The state’s $10,000 first-time home buyer credit is going quickly. Franchise Tax Board officials say in less than two months $91 million of the $100 million credit has been claimed.

Denise Azimi from the FTB public affairs office says that since May 1, they’ve received almost 20,000 requests. “However, we are going to keep collecting applications. We will accept up to 28,000 applications because we know some of the applications we have received are duplicates or will be invalid.”

Anyone who hasn’t owned a home within the last three years is eligible. The credit can be applied to a new or existing home.

Azimi says the FTB also offers a separate credit for Californians who buy brand-new homes. She says only $41 million of a total of $100 million available have been claimed so far.

The tax credits are offered because of a new law that passed this spring. It was modeled after a very popular California housing credit from 2009.

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