Sometimes things don't turn out exactly the way we like, but if you are the kind of person that always looks for the positive in the situation you will appreciate this update.
When Saxby Chambliss worked so very hard to pass the $15,000 Federal Tax Credit we were so proud that it did at least reach the House floor. However, as you know the credit we wound up with is the $8,000 tax credit only available to first time home buyers (which is anyone who has not owned a home in the last 3 years ) We were disappointed that the original amount was changed, but we are happy that we did get the $8,000.
Senator Chip Pearson worked very hard to get the Georgia House Bill 261 $3,600 tax credit for Georgians, and again we were disappointed that the amount was reduced. The Georgia Tax Credit for Home Buyers was debated between the House and the Senate until an agreement was finally reached on Friday giving an $1,800 tax credit (not the $3,600 credit we had hoped for) to Georgians purchasing a home.
So, if we are looking at the glass HALF FULL the GREAT NEWS IS....
- The Tax Credit is for $1,800.
- It is for ANY home buyer in Georgia, not just first time home buyers.
- It will be good for 6 months from the date the Governor signs the bill. (still waiting on that)
- You may be able to qualify for both the Federal AND the Georgia Tax Credits when purchasing a home in Georgia.
For all the details regarding the tax credit and how you can combine both the Federal Tax Credit and the Georgia Tax Credit, please consult with your tax preparer or accountant.
Many other Legislative Priorities were fulfilled last Friday regarding Georgia's economy, job growth, and education. Georgia will be a key state paving the way for economic recovery in the United States. Already we have realized a huge increase in activity in the real estate market here in Dawsonville.
I am committed to bringing you the latest developments in a timely manner.
Contact Kimberly Wilson, Your Available North Georgia Real Estate Specialist