The California Franchise Tax Board announced it will stop accepting applications for the state-tax credit for new-home purchases.
A new law allocated $100 million of worth of state-income-tax credits to buyers who purchased a new, previously unoccupied home as a principal residence on or after March 1, 2009 and before March 1, 2010. The credit was equal to 5 percent of the purchase price, up to a maximum credit of $10,000, spread over three years. It was available on a first-come, first-served basis, until the money ran out.
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