Additional Homebuying Tax Credit in Georgia - now possibly up to $11,600 in government credits for Buyers

The Georgia Senate passed a version of H.B. 261 allowing Georgia home buyers to receive a tax credit of up to $3,600 (or 1.2 percent of the purchase price, whichever is less). The credit would not exceed $1,200 per year and any unused portion can be carried forward for two years.

Georgia residents who buy a home would get a three-year tax credit.

Under the bill, home purchasers would receive income tax credits of up to $3,600, up to $1,200 for each of three years. In order to qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.

The legislation would apply to new and previously occupied homes as well as residences that have been foreclosed.

The credit could be used either for houses and condominiums and either on primary or second residences.

For some homebuyers, this could mean a total of $11,600 in tax credits for the purchase of their new home and for others who didn’t qualify for the federal $8,000 credit, it would mean a $3,600 tax credit. Either way, it’s a great incentive to take advantage of this great buying opportunity in the Atlanta market – especially intown locations like East Atlanta, Ormewood Park, Grant Park & Kirkwood where some great homes can be found under $250,000.