If you closed escrow after May 1, 2010 and qualify as a first-time buyer, your time is soon running out to submit your application for the $10,000 California Tax Credit. On July 8, 2010, the California Franchise Tax Board announced that they had received over 25,000 First-Time Buyer applications totaling more than the $100 million set aside for the program.  Since the Board believes that many of the applications are duplicates, revisions or invalid applications, they will continue to accept additional applications.  However, once the Board estimates that they've received 28,000 First-Time Buyer applications, they will announce the cut-off date at least one full day before they stop accepting anymore First-Time Buyer applications.  This announcement could come any day.  Stay-Tuned!