We wanted to pass this information along to our fellow Georgia residents. The following is an excerpt from Georgia Senator Chip Pierson's update that we receive. This excerpt describes a Georgia tax credit that passed in the legislature. We would encourage you to contact your elected Georgia representative for more details.
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"As I have said before, fixing housing is the first step to fixing the economy. In the past year, Metro Atlanta has seen a 20 percent decline in home values and 13 percent statewide. If we do nothing, housing values will eventually be set back 10 years at this rate. Recognizing that immediate action is crucial, the legislature voted in favor this week of revitalizing Georgia's housing market by offering a $3,600 home buying income tax credit. This incentivizing credit will be available for only six months, encouraging home buyers to act now. This represents the very definition of a true stimulus: a quick thrust that incites activity within the market, producing tangible results. Under House Bill 261, the credit will apply to new and previously occupied homes and condominiums, including foreclosures.
This legislation is a product of the joint Economic Development hearings held late last year on Georgia's housing market. I was proud to work with Rep. Ron Stephens on the issue and to carry his bill to passage in the Senate. In December, industry experts warned that in Georgia, particularly in our area of Northeast Georgia, the housing market was in a depression. At that point, housing starts had plunged 67 percent. Though the situation has continued to worsen, we had some good news recently with the unexpected 22.2 percent rise in housing starts for the month of February. While we still face an uphill battle of stabilizing housing, this tax credit will go a long way in incentivizing the market and start providing immediate relief. "
