Smyrna Home Buyers Benefit From Additional $1,800 Tax Credit

Governor Sonny Purdue has signed HB261 creating a tax credit for home buyers effective June 1, 2009 through the remainder of the year. The tax credit is equal to 1.2% of the purchase price of the home up to $1,800.



This credit reduces tax liability, if any excess remains after '09 that would roll over to next year. It is not restricted to first time home buyers but some homes would not be included so consult your Realtor confirm eligibility.

First time buyers combine this with the Federal credit of $8,000 and you are looking at 10 grand in tax incentives, not including other deductions that will come along with owning a home. Also, now HUD is releasing a new policy where the $8000 can be used for down payment at closing.

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