Back in March I posted the Georgia House passes housing tax credit. Well it seems that the moons and stars did align, with the exception of a few (refer to the March post to get this). On May 11, 2009 Governor Sonny Purdue signed the bill in law (House Bill 261). This bill will allow ANY Georgia taxpayer to get a tax credit of 1.2 percent of the purchase price of a single-family home (including condominiums), capping out at $1,800. The amount of this credit will be spread over a three year period.
So when does it go into effect?
I am glad you were thinking of this question. Like I stated, this is FOR A LIMITED TIME ONLY!!! The effective date of this bill is June 1, 2009. In order to qualify for tax credit, you must submit documentation showing you closed on or before November 30, 2009.
As a first-time homebuyer, can I take advantage of this and the $8,000 Federal Tax Credit?
You are on the ball!!! The answer to your question is YES!!! I don't want to jump to any conclusions, but I think the House and Governor knew what they were doing when they set the end date of November 30, 2009. This is the same end date for eligibility of the Federal Tax Credit.
Up to $9,800 in tax credits!!! WOW!!! This is great news for Georgia taxpayers.
Do you think this will help to further stimulate Georgia's real estate market?
If you are thinking of buying or selling a home, contact Andre Allen, REALTOR® with Keller Williams Realty - Atlanta Partners servicing the real estate needs of Metro Atlanta, GA. Contact me at (678) 252-2959 or AndreAllen@kw.com.
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