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May 12, 2009

Perdue signs housing tax credit bill

Will provide an $1,800 tax credit for home purchases

Submitted by the governor's office

ATLANTA – Governor Sonny Perdue today signed House Bill 261, which provides a $1,800 tax credit for home purchases. The credit, which would be taken over three years, takes effect immediately and is meant to spur activity in the housing market.

“The housing tax credit is a strategic investment that strikes at the root of this economic downturn. Much of the financial turmoil we have seen stems from a severe downturn in housing,” Governor Perdue said. “Families interested in buying a home will now have an additional incentive to act.”

The bill provides an income tax credit for the purchase of a single family residence during the next six months. The amount of the credit will be the lesser of $1,800 or 1.2 percent of the purchase price. A taxpayer may claim one-third of the credit available in each taxable year, and may carry forward unclaimed amounts.

For first time homebuyers, the state credit would be in addition to the federal tax credit authorized by the American Recovery and Reinvestment Act. The federal credit gives first-time homebuyers a credit equal to 10 percent of the purchase price, up to $8,000. The state credit is available to all buyers for six months.

“I’m proud of Governor Perdue for signing this legislation, and I’m proud to have brought it before the state legislature. This bill will put people to work, reduce the inventory of unsold homes, and kick start Georgia’s economy,” said Rep Ron Stephens.

“Jumpstarting the housing industry will mean more money flowing through our economy and more customers for Georgia’s real estate professionals, appraisers, closing attorneys, and others who depend so heavily on regular market activity. This bill is a signal that we are doing all we can to spur Georgia’s economy and lead the nation in financial recovery,” said Rep. Larry O’Neal.

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