On Monday, the legislature passed AB 183 (Caballero & Ashburn) which would provide $200 million for homebuyer tax credits. The Governor is expected to sign AB 183 into law before the end of the week. C.A.R. supported this important legislation.
AB 183, formerly SB 4 of the sixth extraordinary session (Ashburn), is part of a package of four bills, passed at the request of the Governor, designed to help stimulate the economy and create jobs. The bill allocates $100 million for qualified first time home buyers of existing homes and $100 million for purchasers of new, or previously unoccupied, homes. The eligible taxpayer who closes escrow on a qualified principal residence between May 1, 2010 and December, 31, 2010, or who closes escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit. This credit is equal to the lesser of 5% of the purchase price or $10,000, taken in equal installments over three consecutive years. Under AB 183 purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state).
http://leginfo.ca.gov/pub/09-10/bill/asm/ab_0151-0200/ab_183_bill_20100322_enrolled.html
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[...] if your a first time homebuyer by taking the Fed tax credit and the new $,10,000.00 Arnie Swartz state tax credit for a total of [...]
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lichmc says:
The credit will be extended from May 1, 2010 to December 31, 2010.
The tax credit will be available to buyers on a first-come, first-served basis and is applied in equal amounts over a period of three taxable years.
At that time most people believe that it would be the same as IRS Credit for first time home owner.
I bought my first home and closed escrow account on 05/19/2010. My realtor as well as the escrow employees did not know about this 14 days limit to submit the application. No body told me about that until I visited FTB website on 06/07/2010. Even though, it was late 5 days, I faxed my application on that day. And my application was denied.
I believe it is unfair practice. It is unfair because it is not a first-come, first-served basis as the law said. I submitted application and bought a house first, but my application was denied because 14 day limit. Whereas, other homeowners bought a house after me and submitted application after mine, but their application were approved.
FTB should announce clearly and widely on radio, TV, not only on its website and should allow the time enough for the information reach the recipients.
FTB should do more and clear because normal people may assume it is the same as IRS. What do you think if the Right to speech have a limit “you cannot critize the government?” like Chinese communist? What a ridiculous bill!
If you visit this web site on 03/26/2010 you can see no info about 14 days limit law of FTB.
http://california.realestaterama.com/2010/03/26/governor-schwarzenegger-signs-10000-homebuyer-tax-credit-legislation-ID0583.htmlFTB 14 days annoucement
http://www.ftb.ca.gov/individuals/new_home_credit.shtml?WT.mc_id=HP_Feature_HomeCredit_Hed
[...] if your a first time homebuyer by taking the Fed tax credit and the new $,10,000.00 Arnie Swartz state tax credit for a total of [...]
The credit will be extended from May 1, 2010 to December 31, 2010.
The tax credit will be available to buyers on a first-come, first-served basis and is applied in equal amounts over a period of three taxable years.
At that time most people believe that it would be the same as IRS Credit for first time home owner.
I bought my first home and closed escrow account on 05/19/2010. My realtor as well as the escrow employees did not know about this 14 days limit to submit the application. No body told me about that until I visited FTB website on 06/07/2010. Even though, it was late 5 days, I faxed my application on that day. And my application was denied.
I believe it is unfair practice. It is unfair because it is not a first-come, first-served basis as the law said. I submitted application and bought a house first, but my application was denied because 14 day limit. Whereas, other homeowners bought a house after me and submitted application after mine, but their application were approved.
FTB should announce clearly and widely on radio, TV, not only on its website and should allow the time enough for the information reach the recipients.
FTB should do more and clear because normal people may assume it is the same as IRS. What do you think if the Right to speech have a limit “you cannot critize the government?” like Chinese communist? What a ridiculous bill!
If you visit this web site on 03/26/2010 you can see no info about 14 days limit law of FTB.
http://california.realestaterama.com/2010/03/26/governor-schwarzenegger-signs-10000-homebuyer-tax-credit-legislation-ID0583.html
FTB 14 days annoucement
http://www.ftb.ca.gov/individuals/new_home_credit.shtml?WT.mc_id=HP_Feature_HomeCredit_Hed