Kentucky "Other" Tax Credit!

Kentucky is offering a tax credit specifically for New (never occupied) home purchases.

This tax credit is a state tax credit for any new home purchased between July 25, 2009 and July 26, 2010. This means buyers must close on the home before July 26, 2010. There are a few "fine print" details that buyers need to be aware of when they purchase a new home in order to get the credit.

TO CLAIM THE CREDIT:

Your qualified principal residence is a single family dwelling;

Your qualified residence is purchased to be the principal residence of the qualified buyer(s) for a minimum of two (2) years;

You purchase a new home after July 25, 2009 and before July 26, 2010; and,

You meet qualifications and receive approval from the Department of Revenue.

YOU MAY NOT CLAIM THE CREDIT IF:

• Your application is not received via FAX within seven (7) calendar days from the purchase date. Any application submitted via mail will be denied.
• Your new residence has been previously occupied.
• Your application is received after the New Home Tax Credit cap has been reached.
• You are eligible for first time homebuyer credit under Section 36 of Internal Revenue Code.
• You are building or contracting construction of your own home. The new home tax credit is only for those taxpayers who purchase a new previously unoccupied single-family dwelling. "Purchase" means a point within the approved times when escrow closes between the qualified buyer and the seller of the qualified principal residence. Homeowners who build newly constructed homes on their own land do not qualify for the credit based on KRS 141.388.

For a complete explanation of the tax credit click here. If you need a copy of the application, just click on the link!

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