Friday, July 3, 2009

Applications for new home tax credit no longer being accepted

From the Franchise Tax Board website:

Today, Thursday July 2, is the last day to fax new home credit applications to FTB. As shown in the numbers below, we have reached $100 million in new home credit applications and we will have received 12,000 applications by the end of today. We will not accept applications after midnight tonight. Do not send in applications if escrow has not closed. Applications cannot be accepted and will be denied if escrow has not yet closed.

We planned to receive 12,000 applications since many are duplicates, revised, or invalid. This ensures we have more than enough valid applications to allocate the full $100 million. These additional applications will be subject to the availability of remaining credits.

We will continue to report certificates issued on a weekly basis until the full $100 million has been allocated. We expect to complete processing all certificates in August. We will send a notification in response to all applications received, indicating the amount of credit allocated or denied.

There has been talk about expanding the program but it appears the budget issues will at least delay implementation of additional stimulus. I would imagine these issues will not derail it completely.

No comments: