Home Front

A blog about the economy and the Sacramento-area real estate market.

May 17, 2010
2,470 apply already for first-time homebuyer tax credits

They're going fast.

California's first-time homebuyers have applied for an estimated $13.3 million in state homebuyer tax credits in the first two weeks of the program, according to the state Franchise Tax Board.

At that pace $100 million in available credits are "expected to be used up very quickly," says an FTB announcement.

The agency has warned buyers that it may take them up to an hour to connect to the agency's fax machine during business hours "due to the high volume of faxes we are receiving."

An estimated 17,500 first-time buyers are expected to get an average tax break of about $5,700 over three years, according to the FTB.

A second allocation of $100 million in tax breaks for buyers of new, unoccupied homes is expected to last longer, said FTB spokeswoman Brenda Voet. An estimated 14,000 buyers are expected to claim an average of $7,000 in tax breaks over three years, according to FTB estimates.

State lawmakers and Gov. Arnold Schwarzenegger approved the tax credits with March legislation designed to stimulate the state's economy.

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