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.