Regarding the Mortgage Credit Certificate Tax Credit Program (MCC) and the corresponding federal tax credit that is available to taxpayers, which of the following statement is (are) true?

Select one: a. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their federal individual income tax returns.

b. This MCC Tax Credit program may enable first-time homebuyers to convert a portion of their annual mortgage interest into a direct dollar for dollar tax credit on their California individual income tax returns.

c. The federal credit is a refundable credit. The complete credit will be applied in the year claimed and will increase the homebuyers refund if the credit is greater than the tax liability.

d. All of the above are true.