Looking to snag that California first-time homebuyer tax credit? Better get cracking. As of Thursday, 15,220 applicants had applied for $78.1 million in credits – nearly 80 percent of the $100 million available – after just six weeks, the Franchise Tax Board said. Last year, a similar tax-credit program also filled up quickly. Spokeswoman Brenda Voet said at the current rate of 3,000 applicants per week, the full $100 million might be exhausted by July 1. But Voet said the agency will accept at least 28,000 applications to account for duplicates and ineligible requests. Once credits are approved, homeowners will be guaranteed the rebates, even if the $100 million ceiling is slightly exceeded. [Read this article]
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