UPDATE: Georgia Home Buyer Tax Credit (H.B. 261) Passes Senate; Awaits Reconciliation

Georgia Home Buyer Tax CreditThe Georgia Senate passed a version of H.B. 261 allowing Georgia home buyers to receive a tax credit of up to $3,600 (or 1.2 percent of the purchase price, whichever is less).  The credit would not exceed $1,200 per year and any unused portion can be carried forward for two years.

The purpose of the bill is to create a stimulus for home sales, supporters say.

The bill would cost Georgia about $166.3 million, according to a letter from State Auditor Russell Hinton to the chairman of the state House Ways and Means Committee.

Opponents say the cost of the tax break is too great, and the number of sales it would generate too few, to make it worthwhile.

The House must still agree to the bill, which was amended in the Senate to allow the credit to apply to condos. It was also amended to allow taxpayers the choice of donating to the National Multiple Sclerosis Society, Georgia Chapter on their income tax forms.

If the bill makes it out of the reconciliation committee, it will go to the Governor for signature into law.

Write your representatives and urge them to pass this bill.  You can find your legislator here.

Related Posts:

Revised Housing Tax Credit Stimulus Bill (H.B. 261) Passes Georgia House; Senate Now Considering

Georgia House Considering It’s Own Housing Tax Credit Stimulus – H.B. 261

First Time Home Buyers To Get $8000 Tax Credit On 2009 Home Purchase

General Information for Buyers