New GA Tax Credit - House Bill 261

[Robert Carlough]

There has never been a better time to purchase a home!! Prices are down, rates are down, and the government has created yet another stimulus package to spur the housing industry back to another growth cycle.

Just this week, Governor Perdue signed into law House Bill 261, which offers a tax credit of 1.2 percent of the purchase price of a single-family home currently on the market. The credit tops out at $1,800 and will be taken over three years. The clock starts ticking now as Georgia taxpayers only have six months to qualify for the credit. For first-time home buyers, the state credit would be in addition to a federal credit offered through the federal stimulus act (up to $8,000). The new state credit, however, applies to any home buyer, not just first-timers.

Therefore, first time home buyers are eligible for up to a $9800 tax credit and any buyer is eligible for a $1800 tax credit!!