Georgia Home Buyer Tax Credit Update
posted in Smyrna Homes, Vinings Homes |Welcome back!
As I promised a couple weeks ago when talking about the proposed Georgia homebuyer tax credit, I did say that I would keep you updated.
After the House overwhelmingly passed HB 261, the bill moved onto the Senate. With such robust support, you’d think this is a slam-dunk. Almost. The Senate overwhelmingly passed it as well, but with a couple modifications. Can’t be a good politician without making changes.
It then went back and forth with the House and Senate acting like politicians and not getting along. A modified version was passed on Friday in the last session and now awaits the governor’s signature. The final version that passed reduced the tax credit to a maximum amount of $1,800, but did include condos which was not in the original House bill.
But here is the current HB 261 bill in a nutshell:
1. The tax credit applies to single-family homes and condos if purchased as your primary residence.
2. The property must be for sale prior to the effective date and still for sale after the effective date, or
3. The property must be in default on or before March 1, 2009 or has already been foreclosed and is held by the mortgagor
4. On the first day of the month after the effective date of the law, the purchase of a home meeting the criteria above within the next six months would be eligible for the tax credit.
5. The tax credit is limited to 1.2% of the purchase price or $1,800, whichever is less.
6. Now the tricky part. You can only claim, at most, one third of the tax credit in any one year, beginning with your 2009 tax return.
7. One final important caveat. If you’re purchasing a home, be sure to request a copy of the necessary documents to maintain for your tax records to document how the home qualified for the tax credit, whether it be because it was listed prior to the effective date or perhaps because it was delinquent or had been foreclosed.
This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.Will Sonny sign it, I’m not 100% sure about that. We’ll just have to wait and see.
Needless to say, if you’re interested in purchasing a Smyrna Vinings home, this is yet another great incentive that can be added on to the $8,000 federal first-time homebuyer tax credit. And if you’re thinking about selling your Smyrna Vinings home, don’t delay getting your home on the market in order to qualify.
If you have any questions (because I’m sure it’s clear as mud) or want to take advantage of this Georgia home buyer tax credit, be sure to contact us.
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