SACRAMENTO, Calif.–(BUSINESS WIRE)–The Franchise Tax Board (FTB) appear today that it will stop accepting applications for the First-Time Client Acclaim at midnight Sunday, August 15, 2010.
As of August 4, FTB has accustomed 31,460 applications. Because some of the applications are invalid or duplicates, FTB will abide to acquire them through August 15, to ensure that abundant accurate applications are accustomed to appropriately admeasure the abounding $100 actor of tax credit. FTB estimates that it can accolade about 17,500-20,000 acclaim certificates to different and accurate applicants. However, already the funds are exhausted, any actual applications will be denied.
The State is accouterment $100 actor in tax credits to first-time home buyers. The acclaim will be allocated on a first-come, first-served base application the date and time brand on the fax submission, until the money is exhausted. The tax acclaim is accessible to those who purchased a able arch abode and did not own one during the aftermost three years. This acclaim is bristles percent of the acquirement amount or $10,000, whichever is less. Taxpayers charge affirmation the acclaim on their tax acknowledgment in according amounts over the afterward three tax years.
To apply, the client charge complete and fax an FTB Form 3549-A, Application for New Home / First-Time Client Credit, forth with the final adjustment statement. It charge be faxed to FTB aural two weeks (14 agenda days) afterwards the aing of escrow. The fax cardinal is 916.855.5577.
Taxpayers charge accept a affidavit of allocation from FTB to affirmation the tax acclaim on their California claimed assets tax return. FTB expects to accelerate the allocation certificates over the aing few months starting in August.
California homebuyers still accept time to authorize for the state’s added $100 actor home tax acclaim for the acquirement of a new home. The New Home Acclaim is accessible for taxpayers who acquirement (close escrow) a new home on or afterwards May 1, 2010, and afore August 1, 2011, as continued as they access into an acknowledged arrangement accomplished afore January 1, 2011. The agent charge accredit that the home has never been ahead occupied.
For added information, go to ftb.ca.gov and baddest or chase for Tax Credits for New Home Acquirement / First-Time Buyer.
For added advice on added taxes and fees in California, visit: taxes.ca.gov.
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