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Home $1,800.00 State Tax Credit for GA Homebuyers

$1,800.00 State Tax Credit for GA Homebuyers

Last week, House Bill 261 was signed by Governor Sonny Perdue which allows up to $1,800.00 in state tax credits for homebuyers. The credit is either 1.2% of the sales price or $1,800.00 whichever is less and it's claimed on the homebuyer's state tax return over the next three years starting in 2009.

Here are the requirements to qualify for the tax credit:

  • Applies to your primary residence only - can be either a single family home or a condo
  • The property must have been for sale prior to May 11, 2009, and must still be for sale
  • The property must be in default on or before March 1, 2009
  • The property has already been foreclosed on and is held by the bank or mortgage company
  • Homes purchased between June 1 and November 30, 2009 that meet the criteria will be eligible for the tax credit.

    This is a great incentive for Georgia homebuyers especially with the $8,000.00 federal tax credit.

    • Scott Eaves, Associate Broker
    Let's talk Real Estate!
    www.scottsellsatlanta.com
    (404) 518-3820 - DIRECT
    (404) 920-3439 - FAX

    Chapman Hall Realtors (404) 236-0043

    Posted Thursday May 21