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Governor Perdue signed the Georgia Homebuyer Tax Credit this week (5/11), 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:
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.