Senate approves home incentive bill - WALB.com, South Georgia News, Weather, Sports

Senate approves home incentive bill

By Karen Cohilas - bio | email

ALBANY, GA (WALB) - The Senate overwhelmingly passed a bill that would give home buyers in Georgia a tax credit when they buy a house or condominium.   

The bill has to go back to the House to approve minor changes. The credit would total 1.2% of the purchase price up to $3,600. State auditors estimate the state would lose $166 million  in revenue over three years.

Realtors say it's worth the revenue loss to jump start the economy.

"The possibility of the housing leading us out of this current recession that we've been in, far outweighs the cost of it," said Gary Eller of the Albany Board of Realtors. "The benefits just far outweigh the costs and it's a positive thing for our state and for the citizens of the state of Georgia."

Payout of the credit could stretch over three years. The credit would only be available to home buyers for six months.

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