More Tax Incentives for Gwinnett County Home Buyers

NEW GA TAX CREDIT EFFECTIVE JUNE 1ST

Ga. House Bill 261 passed May 11 and allows for an $1800 or 1.2% of the purchase price (whichever is less) tax credit over the next 3 years. This credit is in addition to the $8000 Federal Tax Credit and is available to all buyers, not just first time buyers!  You can claim $600 a year over the next 3 years and any amount not used will carry over and there are no income restrictions. You will still be eligible for this credit if you purchase a foreclosure property as well.

Okay Gwinnett home buyers.......here is even more incentive to GET OFF THE FENCE! With all the banks and Wall Street companies getting bailouts these days isn't it time you took advantage of it too?

Here is the press release from Governor Sonny Perdue

ATLANTA -    Governor Sonny Perdue today signed House Bill 261, which provides a $1,800 tax credit for home purchases. The credit, which would be taken over three years, takes effect immediately and is meant to spur activity in the housing market.

"The housing tax credit is a strategic investment that strikes at the root of this economic downturn. Much of the financial turmoil we have seen stems from a severe downturn in housing," Governor Perdue said. "Families interested in buying a home will now have an additional incentive to act."

The bill provides an income tax credit for the purchase of a single family residence during the next six months. The amount of the credit will be the lesser of $1,800 or 1.2 percent of the purchase price. A taxpayer may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts.

For first time homebuyers, the state credit would be in addition to the federal tax credit authorized by the American Recovery and Reinvestment Act.  The federal credit gives first-time homebuyers a credit equal to 10 percent of the purchase price, up to $8,000.  The state credit is available to all buyers for six months.

"I'm proud of Governor Perdue for signing this legislation, and I'm proud to have brought it before the state legislature.  This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia's economy," said Rep Ron Stephens.

"Jumpstarting the housing industry will mean more money flowing through our economy and more customers for Georgia's real estate professionals, appraisers, closing attorneys, and others who depend so heavily on regular market activity. This bill is a signal that we are doing all we can to spur Georgia's economy and lead the nation in financial recovery," said Rep. Larry O'Neal.

If you are on the fence about purchasing a home in the Gwinnett area and would like a consultation on the feasibility of your move, call me today and I will give you a no cost evaulation of your home buying situation.

Steve Rider REALTOR with Keller Williams Realty Lanier Partners Braselton Ga, selling homes in Winder, Braselton, Dacula, Lawrenceville, Buford, Grayson, Loganville, Monroe and surrounding areas of Barrow, Walton and Gwinnett County Georgia. Go to www.SteveRider-Realtor.com to see my featured listings or search for your new home.

If you're looking for a home in Northeast Georgia contact me either by clicking on the email link or call me toll free at 800-765-0460 or 404-663-7063 direct. I have over 5 years experience selling real estate and I'm a life long resident of my coverage area.

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