Does anyone know how the new home buyers can claim the refunds from the state for the school fees paid by builders. This is a new programe-"
CA Housing Finance Agency's School Facility Fee Down Payment Assistant Program"
This tax credit is available for qualified buyers who on or after March 1, 2009, and before March 1, 2010, purchase a qualified principal residence that has never been occupied. The buyer must reside in the new home for a minimum of two years immediately following the purchase date. California allows qualified new home buyers a total tax credit amount equal to either five percent of the purchase price or $10,000, whichever is less. Taxpayers must apply the total tax credit in equal amounts over three successive taxable years (maximum of $3,333 per year) beginning with the taxable year (2009 or 2010) the new home is purchased.
Please Contact the State of California Franchise Tax Board for further information.
For future reference, you can consult proseries.com/support (also accessible through the ProSeries program in the options toward the bottom the of Live Community window). For your particular situation, searching the database for the following might have helped you: California Home Buyers Credit
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I am not finding any reference to your question.
The new home credit ended in July 2009 due to the fact that a specified amount of money was set aside for that credit. I found a law requiring an additional 90 days to attempt to prevent foreclosure. I found references to a fee hike for higher education.
