Publication Date: 5/15/2009

New $1,800 Tax Credit for Georgia Home Buyers

Georgia's Buyer's Market just got sweeter! House Bill 261 was signed into law on yesterday increasing the total tax credit amount available to a whopping $9,800.

It's been widely communicated that home buyers may obtain a Federal tax credit of up to $8,000 for home purchases through November 2009. Georgia House Bill 261 now allows Georgia Taxpayers to obtain a tax credit on their state taxes of up to $1,800 for the purchase of single family residences (including new or existing single family homes, condominiums and townhomes that are currently on the market) made between June 1 and December 31st, 2009. The tax credit amount will be either 1.2% of the purchase price or $1,800, whichever is less, and may be taken by any home buyer (not just first time home buyers) in a single year or allocated over three years, but may not exceed the state taxpayers income tax liability. Any excess (or unused) amount must be carried forward into the next year and the tax credit may not be applied against prior year tax liabilities.

Affordable prices, lower interest rates, Georgia down payment assistance and federal and state tax credits when you buy a house. That's what we mean when we say "Now is a great time to buy a home in Georgia!"

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