CA Credit for New Home Purchase – Fund Running Out

CA Credit for New Home Purchase – Fund Running Out

CA Credit for New Home Purchase – Fund Running Out

Ron Cohen, CPA, MSTBy Ron Cohen, CPA, MST
Partner
Greenstein, Rogoff, Olsen & Co., LLP

California allows a nonrefundable credit against net tax equal to the lesser of 5% (.05) of the purchase price of the qualified principal residence or ten thousand dollars ($10,000). But only a limited amount of funds are available for the credit, and then it is gone.

Upon receipt of Form FTB 3528-A (see link below), the FTB will allocate the credit on a first-come first-served basis. The total amount of credit that may be allocated by the FTB must not exceed one hundred million dollars ($100,000,000).

The Franchise Tax Board (FTB) will soon reach $100 million in new home credit applications. As of 6/17/09, $95M of credits had been claimed… so act fast if this credit applies to you!

Once the FTB receives 11,000 applications, they will update this page (see link) daily.

You can also review this link for complete details on the credit, its current availability and how to apply:

http://www.ftb.ca.gov/individuals/New_Home_Credit.shtml

They will no longer accept applications once they have received 12,000, and the fax service will be disconnected.

In order to expedite the processing of applications, submit only one application per new home purchase. Do not send in applications before escrow closes. Applications cannot be accepted if escrow has not yet closed. Complete the application carefully and accurately.

This tax credit is available 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.

The FTB began accepting applications for allocation of credit by fax only (916.845.9754), on March 1, 2009. They began processing the applications on a first-come, first-served basis, on May 1, 2009.

Here’s the application form: http://www.ftb.ca.gov/forms/2009/09_3528a.pdf

I can always be reached for questions or comments at (510) 797-8661 x237.

We hope you found this article about “CA Credit for New Home Purchase – Fund Running Out” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

To receive our free newsletter, contact us here.

Subscribe our YouTube Channel for more updates.

 

GROCO.com is a proud sponsor of The American Dreams Show.

 

American-Dreams-Show-Accounting-firm-in-ca-cpa-tax-advisors-groco-alan-olsen

The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.

Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.

The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.

They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..

American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:

Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…

Untitled_Artwork copy 4

MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness.  It’s mission statement:

In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.

Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.

Posted in
Chad Willardson

Chad Willardson – Teaching Kids Values

    Episode Transcript of: Chad Willardson – Teaching Kids Values Alan Olsen: Welcome to American Dreams I visit here today with Chad Willerdson. Chad, welcome to today’s show.   Chad Willardson: Thank you appreciate you having me on.   Alan Olsen: So Chad, you’ve done some remarkable things in the world of financial planning,…

Avoid Tax Audit Tips 4, 5, & 6 (of 10)

Avoid Tax Audit Tips 4, 5, & 6 (of 10)

Avoid Tax Audit, Tips 4, 5, & 6 (of 10) From our series of the top 10 ways to avoid a tax audit, we thought we would go into greater detail as to how our list was created and delve into each suggestion.  Today we will address the top three tips from our article posted…

Heeten Doshi - The New Age of Investing

Heeten Doshi – The New Age of Investing

Interview Transcript, Heeten Doshi – The New Age of Investing:   Introduction of Heeten & Alan: Alan Olsen: Welcome to American Dreams. My guest today is Heeten Doshi. Heeten, Welcome to today’s show!   Heeten Doshi: Thank you very much for having me.   Alan Olsen: So it’s always exciting to have an entrepreneur coming…

Elliot Omanson - Deploying Success

Elliot Omanson – Deploying Success

Interview Transcript, Elliot Omanson – Deploying Success: Alan Olsen: Welcome to today’s show. I’m here visiting with Elliot Omanson today. Elliot, welcome.   Elliot Omanson: Hey, thank you for having me.   Alan Olsen: So Elliot, you have a very unique and diverse background for the listeners, can you tell us your story of how…