CA home buyer credit going, going...

As we posted in March and April, California offered a tax credit for new home purchases between March 1, 2009 and February 28, 2010. (More info on the credit is available on our website.) The credit is first-come, first-served. As predicted, the money is running out fast -- and may actually have run out. The FTB updated their website today with the following information: "We have reached $100 million in new home credit applications. Because many of these are duplicates, revised, or invalid, we plan to receive 12,000 applications. This will ensure we have more than enough valid applications to allocate the full $100 million. These additional applications will be subject to the availability of remaining credits." As of Wednesday, the FTB had received10,633 applications claiming $102,638,616. Builders have asked the state to increase funding for the credit. We'll see how that goes.