Governor Perdue Signs Housing Tax Credit Bill
Monday, May 11, 2009 |
Contact: Office of Communications 404-651-7774
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“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
“Jumpstarting the housing industry will mean more money flowing through our economy and more customers for
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