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Georgia House passes housing tax credit

March 16, 2009
Leslie Ransom, Founding Partner

Leslie Ransom, Founding Partner

Submitted by Leslie Ransom, REALTOR® and Founding Partner, Atlanta Fine Homes Sotheby’s International Realty.

Atlanta Business Chronicle by Dave Williams Staff Writer

Georgians who buy a single-family home would get a three-year tax credit under legislation that sailed through the House on Thursday.

Lawmakers voted 162-4 to allow home purchasers to receive income-tax credits of up to $3,600, up to $1,200 for each of three years. To qualify, homeowners would have to apply for the credit within six months of the date the governor signs the bill.

The measure, which now goes to the Senate, is aimed at revitalizing Georgia’s slumping residential real estate market, said Rep. Ron Stephens, R-Garden City, the legislation’s chief sponsor.

“Our problem in this state is the phenomenal inventory problem we have,” he said. “We’re not going to kick-start this housing market until we get rid of this inventory.”

The legislation would apply to new and previously occupied homes as well as residences that have been foreclosed.

The credit could be used either for houses and condominiums and either on primary or second residence.

To read the entire article from the Atlanta Business Chronicle, please click here.

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