Blog: Georgia Joins The Ranks of States Offering Homebuyer Tax Credits
Added May 20, 2009 by Ilyce R. GlinkSummary: Fourteen states are now offering tax credits for homebuyers or first-time homebuyers. Georgia is the latest state to offer a homebuyer tax credit. It is available to anyone, regardless if you have owned a home before.
Georgia became the latest state to pass a homebuyer tax credit. The Georgia Credit for Homebuyers says taxpayers who purchase a single-family residence (including a condo unit or townhome for use by a single family) in Georgia are eligible for a homebuyer credit of up to $1,800 over three years. The home must be purchased within a six-month time period, on or after June 1, 2009 and before December 1, 2009. The amount of the credit is the lesser of 1.2 percent of the purchase cost of the home or $1,800. Thus, to receive the maximum credit, the taxpayer must purchase a home that costs at least $150,000.
There are 13 other states that offer some form of tax credit for homebuyers or first-time homebuyers. There are several other states that are currently working on tax credits for homebuyers or first-time homebuyers. California's tax credit for new construction homebuyers seems to be the most generous at this point.
Stay tuned. I'm sure we'll be adding to the list of the states offering homebuyer tax credits.
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Additional Topics
(View All Topics)HUD IRS consumer advice first time home buyer foreclosure home buying housing market ilyce glink income tax personal finance advice real estate advice real estate market tax credit tax deduction taxes
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Comments
Jimbo says
What do you define as "purchased"? Is it the contract acceptance date on the contract or actual "closing date" of loan? Given 30 days to close, this may only affect about the next 4 months (given June 30 days before closing and November 30 days before closing), not 6 months of sales....
Jimbo says
Also, it seems ridiculous to think people will rush out now to buy a house for this small of a tax credit - It will only benefit those already deciding to purchase a home in the next 4-5 months...
sam says
is the tax credit only applicable to foreclosed homes or regular homes too?
Ilyce says
Georgia tax credit is available on any home to any buyer (first-time buyer or someone who currently owns a home.)