New-home tax credit near capacity

Builders urge California to triple $100 million program

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More than 9,000 homebuyers have applied for a tax credit of up to $10,000 on new-home purchases in California, meaning the $100 million program is likely to reach capacity by the end of the month.

Through June 10, the state had received 9,145 applications for the credit totaling $88.2 million, and issued 3,219 certificates totaling $30.5 million. The program operates on a first-come, first-served basis.