An Express Article from the California Land Title Association
The Franchise Tax Board just posted on its website the new forms required to be faxed to the FTB by sellers to obtain the recently enacted California state tax credit for the purchase of a newly constructed home. The forms will only be accepted by fax and the tax credit for new homes applies to escrows closing on March 1, 2009 and before March 1, 2010 or until the total credit amount set by the Legislature has been exhausted. The forms are being accepted for the credit on a first come, first serve basis. More information is available on the FTB website.