$1,800 Georgia Homebuyer Tax Credit Signed
Governor Perdue signed the Georgia Homebuyer Tax Credit this week, which is GREAT news for Georgia home buyers. The bill will offer up to $1,800 in tax credits to Georgia homebuyers via a credit on their state income tax.
House Bill 261 gives a credit of either $1,800 or 1.2 percent of the purchase price, whichever is less. (You can only claim one-third of the credit each year, beginning with your 2009 Georgia tax return.) The purpose of the bill is to create a stimulus for home sales, and give a boost to the Georgia real estate market.
Here is how the Georgia Homebuyer Tax Credit applies to home purchases:
- Applies to single-family homes and condos if they are your primary residence
- The property must have been for sale prior to May 11, 2009 and must still be for sale
- The property must be in default on or before March 1, 2009
- The property has already been foreclosed on and is held by the bank or mortgage company
Homes purchased between June 1 and November 30, 2009 that meet the criteria will be eligible for the tax credit.
The new Georgia Homebuyer tax credit makes for a powerful new home stimulus plan when combined with the Federal $8,000 first-time homebuyer tax credit. It is a great time to buy a home, let’s go shopping!
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Bob | Jan 28, 2010 | Reply
How do you apply for this?!!
James | Feb 3, 2010 | Reply
I built a home and closed on Sept 11, 2009, do I qualify for the GA credit? Unfortunatley, I closed 2 months too early to qualify for the $6500.
David | Feb 9, 2010 | Reply
No, not for a new house, only for foreclousers.
Erika | Feb 17, 2010 | Reply
I closed on my house October 23, 2009. How do I apply for the $1800. Georgia tax credit?
Aqeel | Mar 2, 2010 | Reply
I purchased my foreclosed house on 9/9/09 and am curious of how to apply for this credit?
Thanks!
Karen | Mar 4, 2010 | Reply
I closed on my house on Dec 30, 2009. Was the GA tax credit extended, such as the federal tax credit? It didn’t show up on my taxes, even though the federal did.
Matt | Mar 22, 2010 | Reply
Has the state tax credit been extended? I am closing this week, can I apply for this tax credit still?
Laura Everett | Mar 23, 2010 | Reply
Unfortunately, the $1,800 tax credit was NOT extended. If you purchased your home after November 2009, you are not eligible. For more information, see our most recent blog post about the Georgia home buyer tax credit http://www.atlantarealestateforum.com/georgias-1800-housing-tax-credit-19164/ or contact your local real estate agent.
Thanks,
Laura
Ray Brown | Jul 6, 2010 | Reply
My closing was held up until 12-1-2009. Will I be able to file/or qualify for the state tax credit?
Carol M. Flammer | Jul 6, 2010 | Reply
Ray:
I do not believe that the state extended it, but as your tax adviser.
Carol