Governor Sonny Perdue just signed the new Georgia Home Buyer Tax Credit last week, which offers up to $1,800 in tax credits on your Georgia state income tax. This credit is open to ALL home buyers and takes effect immediately for the next SIX MONTHS.
Here's how it works...
- House Bill 261 (aka HB 261) will give Georgia home buyers a credit of 1.2% of the purchase price of the home or $1,800, whichever is less.
- Starting with your 2009 Georgia Tax Reurn, you can claim 1/3 of the credit each year for three years(through 2011) and you can carry any unclaimed amount forward to the next year
- It is only available for SIX MONTHS -- you must purchase your home between June 1, 2009 and Nov 30, 2009.
- Home must be used as your primary residence
- ONLY CERTAIN HOMES QUALIFY - the single family home or condo must be:
- Home must have been on sale prior to May 11, 2009 and still for sale or
- Home must be in default on or before Mar 1, 2009
- Home has already foreclosed and is held by a bank or mortgage company
The good news is that Georgia's first time home buyers can 'double-dip' and receive both the Federal Credit of up to $8000 AND the Georgia tax credit of up to $1800. So with historically low interest rates, affordable housing and incentives galore, this honestly couldn't be a better time to purchase your first home!
If you have questions about this program or if you are ready to start searching for your dream home, call me anytime at 404.432.1844 or email KerryLucasse@KW.com.