Georgia statewide Homebuyer Tax Credit has just been signed into law! Very exciting news for prospective home buyers throughout the state of Georgia and especially prospective Atlanta condo buyers.
As of May 11, 2009 House Bill 261 was signed into law and this Georgia homebuyer bill establishes an income tax credit against individual income tax for the purchase of an eligible single-family residence located in Georgia.
Below are some important factors to know for the Georgia Homebuyer Tax Credit:
-Not limited to first time buyers!!
-Georgia Credit and Federal Credit may be combined for eligible candidates.
-Credit only applies to single family purchase.
-Eligible single family residences MUST be listed prior to May 11, 2009.
-Buyers that are closing between June 1 and November 30, 2009 are eligible.
-Amount of tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.
-Tax credit cannot be applied to prior year’s tax liability.
-Investment property and second home are also eligible, but each taxpayer can claim the credit only once.
-No income limits
-No penalties if awarded.
To view the Georgia Dept of Revenue Memo, click here
Contact Me Today for more information on this Georgia Statewide Tax Credit and how it can help you find that new Atlanta Condo while saving you even more $$$ via our commission refund model. Learn How it works