Like the federal $8,000 tax credit for first time home buyers, the State of Georgia is implementing and an additional tax credit for Georgia home buyers.
Governor Perdue signed House Bill 261 creating a Georgia income tax credit up for the purchase of an eligible single-family residence. It is a credit of 1.2% of the purchase price, up to $1,800, spread out over 3 years. Although the bill was signed the credit is limited to eligible purchases made between June 1, 2009 and November 30, 2009. The credit created by House Bill 261 can be claimed one time per taxpayer and is completely independent of the federal first time homebuyer tax credit. The final version of the bill contains the GAR amendment to clarify condominiums and residences occupied at the time of sale are eligible for the credit. In addition eligible single family residences include 1) new single family residences; 2) previously occupied residences that were for sale prior to May 11, 2009 and are still for sale after May 11, 2009; 3) owner-occupied residences with respect to which the owners acquisition debt is in default on or before March 1, 2009; and 4) residences where a foreclosure has taken place and are owned by the mortgagor or the mortgagors agent.
This news is great to know and means that it is a great time to buy a new home or research Kingsland, GA Homes For Sale, and Saint Marys, GA Homes For Sale. This information compliments of The Royal-Skies Team at ERA Kings Bay Realty.
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