California Home Buyer Tax Credits on the horizon — The San Diego …: It allocates $100 million for qualified firs… http://bit.ly/d0HHa3

This comment was originally posted on Twitter

Here is how I feel about broke California doing this kind of stuff (same reaction I gave on JtR’s blog):

http://www.youtube.com/watch?v=HY-03vYYAjA

*** California Tax Credit AB 183 violates first-come, first-served basis***

The AB 183 statement: “The tax credit will be available to buyers on a first-come, first-served basis and is applied in equal amounts over a period of three taxable years.”
 
At that time most people believed that it would be the same as  IRS Credit for first time home owner.
 
I bought my first home and closed escrow account on 05/19/2010.  My realtor (ziprealty.com) as well as the escrow people (imortgage.com) did not know about the 14 days limit to submit the application. No body told me about that until I visited FTB website on 06/07/2010. Even though, it was 5 days late, I faxed my application on that day. And my application was denied.
 
I believe it is unfair practice. It is unfair and unethical because it is not a first-come, first-served basis as the law said.  I submitted application and bought a house first, but my application was denied because 14 day limit. Whereas, other homeowners bought a house after me and submitted application after me, but their application were approved.
  
FTB should announce clearly and widely on radio, TV, not only on its website and should allow the time enough for the information reach the recipients.   
FTB should do more and clear because normal people surely assume it is the same as IRS.  Also, two-week limitation is too short.

What do you think if the Right to speech have a limit “you cannot critize the government?” like the communists?

The funny thing is that they allow “Reserving a New Home Credit Before Escrow Closes” and
then FTB cry out :”….. As shown in the numbers below, we have received New Home Credit reservation requests and applications claiming more than $100 million. Since many of these are duplicate, invalid, revised, for purchases that have been cancelled, or include both a reservation request and application for the same property,…….The numbers are overstated as there are duplicate, revised, and invalid applications included. In addition, some purchases may be included twice if we have received both a reservation request and an application for the purchase. These …… Applications must be faxed …. Due to the high volume of faxes we are receiving,…. ”

What a waste of time and money for taxpayers!

Why they do not learn the simple from IRS or limit the work load as:

“Accepting only application that the selling/buying is done completly such as Settlement Statement (HUD-1), read Instructions for Form 5405 from IRS. If they want to limit due to budget limit, then a first-come, first-served basis and the first 10,000 ($100,000,000/$10,000) application based on closing escrow.