BONUS TAX CREDIT FOR GEORGIA HOMEBUYERS & SELLERS!

THIS IS NOT THE MONEY YOU COULD HAVE SAVED WITH GEICO...IT'S BETTER!!!

There is good news for Georgia home buyers and sellers! This month, in addition to the federal $8,000 tax credit, Georgia has an additional state tax credit for home buyers in 2009. The tax credit legislation was signed into law on May 11, 2009 by Governor Sonny Perdue, with the help of House Sponsor Ron Stephens (Savannah), House Ways and Means Chairman Larry O'Neal (Warner Robins) and Senate Chairman Chip Pearson (Dawsonville).

The amount of the credit is 1.2% of the purchase price up to $1,800 non-repayable, to be spread equally annually, over the next three years. A great thing about the Georgia tax credit is that unlike the federal tax initiative, this money is not limited to just first-time homebuyers, but ALL single family residences (1 per family). The credit is only available to buyers of eligible single family residences who close between June 1 and November 30 of 2009.

There are also no income limits for home buyers, either. The only stipulation buyers should be aware of is that to qualify for the tax credit, the home must have been listed for sale prior to May 11th, 2009; as the intent of the law was to reduce the overstock of our state's inventory. Also, in our market, second-home purchases do not qualify for this tax credit. Still, this is one more nudge to move our economy in the right direction, and every little bit helps. GO GEORGIA!