Georgia Homebuyer Tax Credit - Updated Information

By
Real Estate Agent with RE/MAX Around Atlanta GA RE License #296541

Below is an email I received from the Georgia Association of REALTORS today, regarding the Georgia Homebuyer Tax Credit. This important legislation could positively impact the Georgia real estate market and Georgia homebuyers, and it's important for REALTORS and consumers in Georgia to be informed!

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Dear Maura Neill,

A statewide Call For Action has been issued in support of HB 261 and the REALTOR-supported Georgia Homebuyer Tax Credit.  Your participation is vital to the success of this legislation and we urge you to engage your fellow REALTORS in the process.  HB 261 creates a one year Georgia Homebuyer Tax Credit for the purchase of an eligible single-family residence with a puchase price between $40,000 and $300,000.  Eligible single-family residences include:

  • New residences.
  • Previously occupied residences listed for sale prior to the signature of the Governor and is still for sale after the signature of the Governor.
  • An owner occupied residence in default on or before March 1, 2009.
  • A residence where a foreclosure has taken place and is owned by mortgagor or mortgator's agent.

The tax credit will be available for one year upon the signature of the Governor and weighted to give a larger credit to those who purchase in the first six months of eligibility.  For eligible purchases a taxpayer will be allowed a one-time income tax credit of 1.2% of the purchase price if purchased in the first six months of eligibility and 0.6% of the purchase price if purchased the second six months of eligibility.

To view a copy of the legislation go to:  http://www.legis.ga.gov/legis/2009_10/fulltext/hb261.htm

Please note that the details of the legislation are in flux.  We apologize for not providing more information on the bill in the initial Call For Action email.  The important thing is that you ask your legislators to support HB 261 and the REALTOR supported Homebuyer Tax Credit.  The more members who respond, the greater chance we have of making improvements to the language and passing a homebuyer tax credit.  Your participation is vital to the success of this credit. 

Act Now!  Click here to TAKE ACTION!

For some more details and talking points about the Georgia Homebuyer Tax Credit, please click here!

 Subscribe to The Gebhardt Group's Real Estate blog today!

Maura Neill, ABR, CRS, MA
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097

(770) 238-0595
email: Maura@GebhardtGroup.com
website: http://www.GebhardtGroup.com/
blog: http://www.GebhardtGroupBlog.com/


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