Not only is now the best time for buyers to purchase a home with the tax credit that the Federal Government has enacted, now in Georgia we have a brand new $1,800 Georgia Home Buyer Tax Credit, here are the details. 

On Tuesday, Georgia's Senate and House of Representatives passed House Bill 261, legislation which allows home buyers to receive a tax credit when purchasing in Georgia. The Georgia Association of REALTORS® and other boards across the state have fought hard to put this legislation in place, and it is now a reality. 

The new tax credit is very different from the federal $8,000 First-time Home Buyers Tax Credit. It's only available to people buying homes in the state of Georgia, and allows a credit of 1.2 percent of the purchase price of the home or $1,800, whichever is less. 

Here are the defining features of the new $1,800 Georgia Home Buyer Tax Credit:

• Home buyers will be able to claim the credit beginning June 1, 2009 on closings that occur between June 1 and Nov. 30, 2009. However, it appears that the home being purchased must have been originally listed for sale PRIOR to June 1 for the credit to be applicable. Note: Metro Brokers is verifying what the listing date of the property must be in order for buyers to qualify and will have more information soon.
• Any home buyer is eligible for the credit, not just first-time buyers.
• Eligible homes are single-family residences, including condominium units, that are occupied for residential purposes (must be primary residence).
• Homes can be new, occupied or previously occupied. This includes foreclosed homes.
• Up to one-third of the tax credit can be received in a single tax year or the full amount of a taxpayer's income liability for that year, whichever is less. Any excess or unused tax credit amount shall be carried forward to apply to the taxpayer's succeeding years' tax liability.
• The tax credit cannot be used against a prior year's tax liability.

http://www.legis.state.ga.us/legis/2009_10/sum/hb261.htm