If you have missed out on the federal tax credit by not getting into escrow on or before April 30 to close June 30, 2010, you might want to consider the state tax credit. But be forewarned, this credit is limited to available fund and might run out soon.

Here are some highlights of the tax credit:

Tax credits are limited to either 5 percent of the purchase price or $10,000, whichever is less.

The home can be a single-family house, condominium, townhouse, houseboat, manufactured home, or mobile home.

The home must be a primary residence and not an investment property.

Taxpayers must receive a Certificate of Allocation from the state Franchise Tax Board to claim the credit.

If the available tax credit exceeds the amount of taxes owed, the unused tax credit may not be carried over to the following year.

The state credit, worth up to $10,000 over a three-year period, became effective May 1, 2010.

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