New Georgia Law-HB 261

***If you are not a Georgia Resident but know someone that is, please, share this information***

On Monday, May 11th, Georgia State Gov. Sonny Perdue signed into law HB 261 a tax credit from the state.

Some highlights of HB261

- $1,800 or 1.2% of the purchase price spread over 3years(1/3 each year)
- For purchases between June 1 and November 30, 2009
- Do not have to be a first time homebuyer
- For investment properties as well as owner occupied
- Only one credit per taxpayer

The tax credit is taken over a 3 year period and, unlike the federal tax credit, there is no income restriction. The income restriction for the federal tax credit begins at $75,000 for individuals or $150,000 for married couples and then phases out. The federal credit ends on November 30th as well.

With up to $8,000 from the federal government and now $1,800 more from Georgia, coupled with the lowest home prices and interest rates in a long time - um - this is just plain "ridiculously" good for buyers.

You may also visit the Metro South Association of REALTORS website http://www.msar.org/ for further information.

(Information submitted by the Metro South Association of REALTORS)

Raquel Lavender. Associate Broker.ABR,AHS,ASR,CIPS,CSP,GRI,TRC. Keller Williams Realty Grand South. Office 770-914-8885. Cell 770-317-9205.