A statewide Call For Action has been issued in support of HB 261 and the REALTOR supported Georgia Homebuyer Tax Credit. HB 261 creates a one year Georgia Homebuyer Tax Credit for the purchase of an eligible single-family residence with a puchase price between $40,000 and $300,000. Eligible single-family residences include:
- New residences.
- Previously occupied residences listed for sale prior to the signature of the Governor and is still for sale after the signature of the Governor.
- An owner occupied residence in default on or before March 1, 2009.
- A residence where a forclosure has taken place and is owned by mortgagor or mortgator’s agent.
The tax credit will be available for one year upon the signature of the Governor and weighted to give a larger credit to those who purchase in the first six months of eligibility. For eligible purchases a taxpayer will be allowed a one-time income tax credit of 1.2% of the purchase price if purchased in the first six months of eligibility and 0.6% of the purchase price if purchased the second six months of eligibility.
To view a copy of the legislation go to: http://www.legis.ga.gov/legis/2009_10/fulltext/hb261.htm
Please note that the details of the legislation are in flux. We apologize for not providing more information on the bill in the initial Call For Action email. The important thing is that you ask your legislators to support HB 261 and the REALTOR supported Homebuyer Tax Credit. The more members who respond, the greater chance we have of making improvements to the language and passing a homebuyer tax credit. Your participation is vital to the success of this credit.
Information taken from the GAR
