Georgia Eligible Single Family Residence Tax Credit
O. C. G. A 48-7-29.17 provides taxpayers a credit for the purchase of an eligible single-family residence located in Georgia. An eligible single-family residence is a single-family structure (including a condominium unit as defined in O. C. G. A 44-3-71) that is occupied for residential purposes by a single family that is:
A taxpayer is allowed the tax credit for a purchase of one eligible single-family residence made between June 1, 2009 and November 30, 2009.The credit amount is the lesser of 1.2 percent of the purchase price of the eligible single-family residence or $1,800.00.The amount of the tax credit that may be claimed and allowed in a single tax year cannot exceed the lesser of the 1/3 of the credit or the taxpayer’s income tax liability. This means a maximum of $600 may be claimed each year. Any unused tax credit can be carried forward but cannot be carried back.