Tax News

CCH (cch.taxgroup.com) reports:

  Georgia has enacted a new credit against personal income tax for a limited period of time for the purchase of an eligible single-family residence made during the six month period commencing on June 1, 2009, and ending on November 30, 2009. The amount of the credit is the lesser of 1.2% of the purchase price or $1,800. Additionally, the amount of credit claimed in a single tax year cannot exceed the lesser of the taxpayer's income tax liability or one-third of the total amount of the credit. Any excess or unused credit amount may be carried forward to succeeding years' tax liability.

  Subscribers can view the legislation.

H.B. 261, Laws 2009, effective May 11, 2009, applicable as noted