Georgia Home Buying Tax Credit HB261 Now in Effect: Buy a Home in Jasper GA, Get an $1,800 Credit!

On May 11, 2009, Governor Sonny Perdue signed into law House Bill 261. HB261 is the tax credit for home buyers who buy a house or condo in Georgia within the next six-months, which I covered in a previous post on the subject.

Since that post was written however, the final version of the bill changed. It was amended prior to signing to reduce the tax credit from $3,600 to $1,800, or 1.2% of the purchase price, whichever is less. The credit will still be claimed over a period of 3-years.

Although a lesser amount than originally drafted, the credit under H.B. 261 still offers potential homebuyers in Pickens Couny and other parts of Georgia with something of an incentive to make their purchase within the next 6-months.

For first time home buyers, there is the bigger incentive of the $8,000 Federal tax credit as well, which also has to be used within the next six-months or so.