Eligible Single-Family Residence Tax Credit

On this page find instructions and information on the Adoption of a Eligible Single-Family Residence Tax Credit.

• Tax Credit Code: 209

Summary

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:

• Any residence (including a new residence, one occupied at the time of sale, or a previously occupied residence) that was for sale prior to May 11, 2009 and that remained for sale after May 11, 2009; or
• A residence with respect to which a foreclosure event has taken place and which is owned by the mortgagor or the mortgagor’s agent; or
• An owner-occupied residence with respect to which the owner’s acquisition indebtedness was in default on or before March 1, 2009. Acquisition indebtedness is debt incurred in acquiring, constructing, or substantially improving a qualified residence and which is secured by such residence. Refinanced debt is acquisition debt if at least a portion of such debt refinances the principal amount of existing acquisition indebtedness. 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 1/3 of the credit or the taxpayer’s income tax liability. Any unused tax credit can be carried forward but cannot be carried back.

Relevant Links

O.C.G.A. §§ 48-7-29.17 and 44-3-71O.C.G.A. §§ 48-7-29.17 and 44-3-71