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Incentive for First Time Homebuyers

House Bill 261

On May 11, Georgia Governor Sonny Perdue signed House Bill 261 allowing  a tax credit for homes purchased between June 1, 2009 and November 30, 2009. The credit is the lesser of $1,800 or 1.2 percent of the purchase price and it is not limited to first time homebuyers.

To qualify for this credit, the home:

  • Must have been for sale prior to May 11, 2009 and still be held for sale, or
  • Must have been in default or already foreclosed upon and held by a bank or mortgage company on or before March 1, 2009.

This credit can be used in addition to the First Time Homebuyer credit, allowing first time home buyers in Georgia potential combined credits of up to $9,800.

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