The Georgia House passed a housing tax credit that would benefit Georgia homebuyers. Under the bill, home purchasers would receive income tax credits of up to $3,600 over three years. This would be split into increments of up to $1,200 for each of the three years. Lawmakers voted 162-4 passing the bill in the Georgia House. The measure now moves on to the Senate.
The goal is to help revitalize Georgia’s residential real estate market. Lawmakers understand that we have to get the large amount of inventory in the area moving, and they hope this bill will stimulate home buyers who have been sitting on the fence.
The legislation would apply to new and previously occupied homes as well as residences that have been foreclosed. The credit could be used either for houses and condominiums and either on primary or second residences. In order to qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.
This bill, if passed, could mean a total of $11,600 in tax credits for the purchase of a new home in Georgia if the home buyer qualifies for the federal tax credit as well. Even without the federal credit, a $3,600 tax credit could encourage many home buyers to act who previously had no incentive. We will keep you posted on this bill, and perhaps soon you can take advantage of this great home buying opportunity. With home prices and mortgage rates at their lowest in years, this bill could be the boost we need to get homes moving again.
Labels: 2009, atlanta, buyer, georgia, georgia house, Home, march, market, real estate, tax credit
