Seeing the Glass Half Full..An Update on Georgia Tax Credits

By
Real Estate Agent

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

Posted by

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
Georgia Dawson County Dawsonville
Groups:
Georgia Real Estate
Tags:
tax credits
associate broker dawsonville real estate specialist georgia
senator chip pearson
georgia house bill 261

Spam prevention
Show All Comments
Ambassador
2,973,131
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Oh how I hope the governor signs this bill. :)  I haven't heard if he plans to or not, but I'm hopeful and I'm waiting.

Apr 09, 2009 08:22 AM #1
Rainmaker
777,903
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

The glass half full is always the better way to look at things. Hope things go well for you out there.

Please remember me if you learn of anyone moving to "The OC" and I will do the same!

 Michael Caruso, Broker ABR ABRM CRB CRS GREEN GRI

2007 President, Orange County Association of Realtors           

(949) 753-7900

Apr 09, 2009 08:27 AM #2
Rainmaker
455,963
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

Kimberly, half of something is certainly better than all of nothing. The tax credit may add a few more buyers to the pot.

Apr 09, 2009 08:40 AM #3
Rainer
48,957
Kimberly Luna
Panama City Beach, FL

Tammy:  I know that Lt. Governor Casey Cagle was working closely with Senator Pearson on this bill. I would assume he would be speaking on behalf of the Governor and I look forward to this being signed shortly.

Michael: Thanks for the comment, and I will remember you.

John: A few more here, a few more there...and we'll survive this mess after all!

Apr 09, 2009 01:11 PM #4
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
48,957

Kimberly Luna

Ask me a question
*
*
*
*