On August 6, the Franchise Tax Board announced that they will cease accepting applications for the California Home Buyer Tax Credit at midnight on Sunday, August 15.  The Tax Board estimates they will be able to give the $100 million of tax credit to 14,500 – 20,000 people.  However, the Tax Board is accepting more applications than that to make sure they will be able to compensate for invalid or duplicate applications.  As of the 12th of August, the tax board had received 33,760 applications.  The tax credit is given out on a first come first serve basis, and once the $100 million is gone, any remaining applications will be denied.  
 
If you’re eligible for the tax credit, complete a FTB Form 3549-A application and fax it with the final settlement statement to the California Franchise Tax Board.  If your application is accepted, you will receive a certificate of allocation from the Franchise Tax Board, which you must have to claim your tax credit.  The tax board expects to send out these certificates over the next few months.
 
To see if you meet the criteria and for more information on how to apply, visit the California Franchise Tax Board website.