Friday, June 5, 2009

Additional $1,800 Tax Credit for Georgia Buyers

Georgia buyers can now receive an $1,800 tax credit in addition to the $8,000 federal tax credit. Governor, Sonny Perdue, signed House Bill 261 on May 11, 2009.

The $1,800 tax credit is only available for six months; you must close on a home between June 1 and November 30, 2009 to receive this credit. Here are the other important details:
  • AMOUNT: the credit is equal to either 1.2% of the purchase price or $1,800, whichever is lesser
  • WHO QUALIFIES: this credit is for ANYONE purchasing a home between the deadline--NOT just first-time home buyers!
  • HOW DO YOU RECEIVE IT?: You may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts--essentially, you'll receive this credit over the course of the next 3 years

Also, there aren't any income restraints to this credit and as I mentioned before, this is not limited to just first-time home buyers. You just have to buy a single-family property within the time period.

Representative Ron Stephens said this about the bill: "I'm proud of Governor Purdue for signing this legislation, and I'm proud to have brought it before the state legislature. This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia's economy."

To determine the specific forms you need to use to obtain this credit, please contact your tax professional.

If you are a first-time home buyer and would like to learn more about the $8,000 federal tax credit, please read this article:
Understanding the New $8,000 First-Time Home Buyer Tax Credit

It's a great time to buy a home in Georgia, whether you're a first-time home buyer or not, and I would love to walk you through this process. If you are in the market to buy or sell your home in the Bethlehem or Dacula area, I would be happy to assist you! My passion is helping people find their dream home and stepping them through this exciting journey. I serve the Walton, Barrow and Gwinnett county areas. Call or text me today!

(The information from this post was obtained from this article)

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