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CONSUMER INFOFederal Homebuyer Tax CreditIn an effort to help stimulate housing and the economy, the Congress approved a Housing Stimulus package that includes a "home buyer tax credit" for first-time homebuyers. "First-time homebuyers" (defined as someone who has not owned a principal residence in the 3 years prior to this new purchase) receive a tax credit worth 10% of their home purchase, up to $8,000. The credit is claimed on the homebuyer’s federal tax returns. The credit is refundable, which means that the homebuyer receives a refund for the amount of the credit minus any federal tax liability. Buyers must live in the house for at least three years, or they will be obligated to pay back the credit.For more information, go to: www.federalhousingtaxcredit.com
State Homebuyer Tax CreditHouse Bill 261, signed into law by Governor Perdue on May 11, 2009, authorizes a limited state income tax credit for the purchase of an eligible single-family residence. The amount of the credit is the lesser of 1.2 percent of the purchase price of an 'eligible single family residence' or $1,800.Unlike the federal tax credit, Georgia's Homebuyer Tax Credit is not limited to first-time homebuyers. Instead, anyone who purchses an 'eligible single family residence' during the effective period if entitled to claim the credit against the taxpayer's state income tax liability (subject to some limitations). For more information, go to https://etax.dor.ga.gov/inctax/taxcredits/Eligible_Single-Family_Residence_Tax_Credit.pdf
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