Tax credit amounts
California allocated $100,000,000 for this tax credit. Buyers must apply for credit allocation from us. We 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. We began issuing certificates of credit allocation on May 1, 2009. Please check this page for updates on the allocated and remaining credits available. (Updated 05/15/09)
Certificates issued for New Home Credit through 06/03/09:
| As of | Total certificates issued: | Total credit allocated: | Remaining credit available: |
|---|---|---|---|
| 5/13/09 | 331 | $ 3,246,532 | $ 96,753,468 |
| 5/20/09 | 1,023 | $ 9,942,884 | $ 90,057,116 |
| 5/27/09 | 1,749 | $ 16,699,924 | $ 83,300,076 |
| 6/3/09 | 2,502 | $ 23,822,657 | $ 76,177,343 |
Note: The amounts displayed above represent our initial processing of applications. As with any new system, we have experienced a few slowdowns during our initial processing. We will work to catch up as soon as possible.
The amounts below reflect applications received, which include both processed and unprocessed applications. (Updated 05/15/09)
Applications for New Home Credit received through 06/03/09:
| As of | Total Applications received: | Total Credit claimed: |
|---|---|---|
| 3/4/09 | 173 | $ 1,715,826 |
| 3/11/09 | 711 | $ 6,987,515 |
| 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 |
This reflects the total amount of credit reported on applications received as of the date indicated. This amount has not yet been verified and may include duplicate, incomplete, and invalid applications. This amount is provided for informational purposes and does not reflect the actual amount to be allocated. We will update the amount received, but not yet processed, on this webpage each Friday. As we approach the $100,000,000 limitation, we will update the reported amounts on a daily basis. Keep in mind, that all applications will be processed on a first-come, first-served basis, based on the date received by fax only. (Updated 05/15/09)
California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) in which the new home is purchased.
Courtesy of The California Franchise Tax Board
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