Great news for anyone planning to buy a home in the next 6 months. Georgia Governor Sonny Perdue
signed HB 261 into Law on May 11, 2009 which will provide for an income tax credit for homebuyers in the state of Georgia. The legislation applies 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 secondary residences. In order to qualify, homeowners will need to apply for the credit within six months of the date the governor signs the bill (5/11/2009). According to the bill, the amount of the credit will be either 1.2 percent of the purchase price of such eligible single-family residence or $1,800.00, whichever is less. To read the bill signed by Governor Perdue,
click here. Please note that this is available to all homebuyers, not just first time homebuyers. So take advantage of it before it's gone in six months!
Now, if you are a first time homebuyer, or have not owned a home in the past 3 years and are thinking about purchasing a home, now is the time to do it. With the new Georgia Tax Credit, the Federal First Time Homebuyer Tax Credit, Extremely Low Mortgage Rates and Such Great Deals On Homes, it's a great time to take that next step into Home Ownership!
Check out all of the available homes in the
Milton,
Alpharetta,
Cumming,
Dawsonville,
Dahlonega,
Lake Lanier &
Surrounding areas on our website.
Click here to customize your property search. Plus, with our website you can remain anonymous as there is no need to register to search for properties. We just ask that you please consider using our team at
Vanderhoff Real Estate for your next home purchase.
Labels: first time home buyer, georgia, hb 261, home buyer, mortgage rates, tax credit
The 2009 Session of the Georgia General Assembly ended on Friday, April 3, 2009. House Bill 261, which authorizes an income tax credit for a limited period of time for the purchase of any single-family residence, passed both the house and the senate and has now been sent to the Governor for his consideration. As originally passed, House Bill 261 provided for a tax credit of up to $3,600. Unfortunately, due to budget concerns expressed by the Governor's office, the bill was amended to reduce the income tax credit to a maximum of $1,800 over three years.The hard work and support of many legislators, to include Senator Chip Pearson, Representative Larry O'Neal and Representative Ron Stephens were instrumental in securing passage of this important legislation.
Homebuyers need an incentive to BUY NOW. The recovery of the housing market in Georgia is critical for all Georgians. It is critical that we let the Governor know how important House Bill 261 is to the homebuilding industry and Georgia.
Use the link below to contact the Governor's office and ask him to sign House Bill 261!
Labels: 261, hb 261, house bill, tax credit
On March 26th the Georgia Senate passed
House Bill 261. Under this bill, home purchasers would receive income tax credits of up to $3,600. Lawmakers voted 42-4 passing the bill in the Georgia Senate. The measure now moves on to a conference committee. The committee will work out the differences between the Senate version and the House version to create a compromised bill. Once this version is completed, it will go to the House and Senate again for another vote.
The goal of
HB 261 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: 261, georgia, hb 261, house, house bill, mortgage rates, senate, tax credit
