As a result of this new program, home buyers in California have a brief window of opportunity to benefit from up to $18,000 in combined federal and state homebuyer tax credits. Given the first-come, first-serve allocation of the state credit, the fortunate homebuyers who successfully “double-dip” will likely consume an important piece of the state credit. Time should not be wasted, and all bets will be off on May 1 when applications can be faxed in. Credit Suisse builder analyst Dan Oppenheim estimates the tax credit will benefit about 14,000 new-home buyers, lasting as long as four to five months.