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Old 06-09-2009, 04:19 PM
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What is the "Tax Credit for New Home Purchase" in California?

California State has offered this tax credit "for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date."

California State "has allocated $100,000,000 for this tax credit. All Buyers must apply for credit allocation from California State. The State will review applications and allocate credit on a first-come, first-served basis. Once $100,000,000 has been allocated, the tax credit will no longer be available."

California State has published on its website the applications for New Home Credit received through 06/03/09 as shown below:

As of... Total Applications received: Total Credit claimed:
3/18/09......1,188................................ $11,599,825
3/25/09......1,710................................ $16,647,498
4/1/09....... 2,624 ................................$25,578,709
4/8/09....... 3,135................................ $30,559,124
4/15/09......3,589................................ $34,939,035
4/22/09......4,199 ................................$40,879,872
4/29/09......4,880 ................................$47,353,795
5/6/09....... 5,668.................................$54,928,875
5/13/09..... 6,162 ................................$59,579,591
5/20/09......6,816................................ $65,749,498
5/27/09......7,517................................ $72,511,587
6/3/09........8,522................................$82 ,548,424

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