Technically, the $10,000 California tax credit for homebuyers can be claimed through December 31, but there’s $100 million cap on the credit.  The California Association of Realtors is predicting that the credit will be used up by May 20th.  In an interview, Robert Kleinhenz, the deputy economist for CAR (California Association of Realtors), said that, “$100 million of $10,000 tax credits allows for 10,000 new homebuyers. The CAR projects 64,000 sales statewide in May, a modest drop from the previous year, but still about 9.5 percent of the anticipated total sales for the year.”  This prediction does not take into account homebuyers who are delaying their April closings so they can take advantage of both the Federal tax credit and the California tax credit.  For those of you planning on taking advantage of the California tax credit, remember that the credit is given out on a first-come, first-served basis, and you have to send your paperwork to the Franchise Tax Board within two weeks after you close on a house. 

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