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New-home tax credit near capacity

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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.Builders -- who say the program has boosted not only their own sales but the ecomony itself, because it's allowed them to put people back to work -- are asking lawmakers to add another $200 million to the program.With California facing a $23 billion budget deficit and slashing funding for schools, health care and prisons, builders are making three arguments for extending the credit. A new home generates $16,000 in tax revenue to the state and about $3,000 to the city or county it's located in, they say. New-home construction creates jobs and stimulates the ecnonomy because new-home buyers...