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Georgia tax credit indended to jumpstart home sales

It just got a little easier to sell homes here in Georgia.

At least some homes, that is.

On Monday, Governor Sonny Perdue just signed a law which gives buyers of qualified single-family residences a tax credit of up to $1,800. Combined with the $8,000 federal tax credit, potential homebuyers have a great incentive to act now.

The credit takes effect immediately, and it’s available for the next six months.

And best of all, it’s available to anyone who buys an eligible home, not just first-time homebuyers. And it’s available for owner-occupied and non-owner occupied properties alike.

Those who do buy an eligible home can look forward to a tax credit of $1,800 or 1.2 percent of the purchase price, whichever is less. The credit must be taken over three years, and is non-refundable. It can also only be taken once.

So what’s the catch? Well, not every home is eligible.

What homes are? Single-family homes that were for sale on or before May 11, owner-occupied residences with an owner who was in default of their mortgage as of March 1, or REO property held by the lender or the lender’s agent.

That will ultimately leave a lot of homes out in the cold, as new listings will be ineligible for the credit. Still, it is a welcome sign that the legislature is committed to stabilizing and jumpstarting Georgia’s real estate market, and to revitalize Georgia’s economy.

And for those homes which are eligible for the credit – a little extra incentive for a potential purchaser can’t hurt!

 

We’d love to be your Atlanta real estate lawyers. Want to know more? Contact us and we’ll be happy to discuss how Harlan and Associates can be of service to you!

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