Governor Perdue has signed HB 261, creating a Georgia income tax credit up for the purchase of an eligible single-family residence. Although we are happy that the tax credit made it to the signing table, there were a few changes from the original bill that was passed by the Senate. The credit is limited to eligible purchases made between June 1, 2009 and November 30, 2009. If you have already closed on your home purchase this year, you will not receive the credit. The credit can be claimed only one time per taxpayer. The final version of the bill contains an amendment to clarify condominiums and residences occupied at the time of sale are eligible for the credit. In addition, eligible single family residences include : - new single family residences - previously occupied residence...
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