It’s still preliminary, but the state of Georgia is working on a homebuyer tax credit in addition to the $8,000 tax credit passed by the federal government last month.
Georgia residents who buy a home would get a three-year tax credit under legislation that easily passed the House today.
Under the bill, home purchasers would receive income tax credits of up to $3,600, up to $1,200 for each of three years. In order to qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.
The measure now moves on to the Senate. The goal is to help revitalize Georgia’s residential real estate market.
Georgia’s housing issues are not nearly as bad as many parts of the country, but it’s great to the Georgia leaders understand the importance of kick-starting home sales as this will have a direct impact on a multitude of industries and the overall economy.
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.
We’ll keep you posted on as this bill moves forward. For some homebuyers, this could mean a total of $11,600 in tax credits for the purchase of their new home and for others who didn’t qualify for the federal $8,000 credit, it would mean a $3,600 tax credit. Either way, it’s a great incentive to take advantage of this great buying opportunity in the Sandy Springs real estate market.
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