Similar to the Federal tax credit proposed by Senators Johnny Isakson and Joe Lieberman, there is a TAX CREDIT in the works for Georgia homebuyers - in the form of HB 261 - a Statewide Homebuyer Tax Credit. With the current crisis of Georgia's housing market, the passing of this bill could positively impact Georgia's economy.
Basically, the tax credit would be available to ALL BUYERS, not just first-time homebuyers. The bill would provide a tax credit of 1.2% of the purchase price, up to $3,600, to be paid out over a period of 3 years, with equal credits each year. For example, if buyers purchase a $200,000 home, they would receive a tax credit of $2,400 - at a rate of an $800 credit per year over three years. (A $300,000 home purchase would net the entire $3,600 credit, at a rate of $1,200 per year over three years.)
Almost every property will be eligible for buyers to take advantage of this tax credit - as long as the property was already on the market when the bill passes and is signed by the governor:
· New residences
· Previously occupied residences listed for sale prior to the signature of the Governor that are 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 mortgagor's agent.
As of now, this bill has passed the House - it passed on Thursday, March 12, 2009 with a vote of 162 - 4! Clearly the outpouring of support across party lines shows that it is much-needed legislation.
CLICK HERE to TAKE ACTION - ask your legislators to support HB 261 - the Georgia Homebuyer Tax Credit! Your legislators holds the key to the success of this legislation. Before you or your clients will ever see a statewide tax credit, the legislature must pass and the Governor must sign HB 261. Let your Senator and Representative know the importance of moving this bill through the Legislature by TAKING ACTION NOW!
Maura Neill, ABR, CRS, MA
The Gebhardt Group
RE/MAX Greater Atlanta
10220 Medlock Bridge Road
Johns Creek, GA 30097